NovaGold Resources (NYSEAMERICAN:NG) Trading Up 4.1% – Time to Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price rose 4.1% during mid-day trading on Thursday . The stock traded as high as $3.41 and last traded at $3.40. Approximately 463,647 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,071,234 shares. The stock had previously closed at $3.26.

NovaGold Resources Trading Down 2.3 %

The company has a market cap of $1.13 billion, a P/E ratio of -25.92 and a beta of 1.05. The business has a fifty day moving average of $3.22.

Hedge Funds Weigh In On NovaGold Resources

Several institutional investors have recently bought and sold shares of the stock. Kopernik Global Investors LLC grew its holdings in NovaGold Resources by 23.1% during the 4th quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company’s stock worth $56,633,000 after acquiring an additional 3,187,981 shares in the last quarter. Lingotto Investment Management LLP boosted its position in NovaGold Resources by 3.5% in the fourth quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company’s stock valued at $69,604,000 after buying an additional 702,636 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of NovaGold Resources in the fourth quarter worth $1,952,000. JPMorgan Chase & Co. grew its position in NovaGold Resources by 105.2% during the 4th quarter. JPMorgan Chase & Co. now owns 809,937 shares of the mining company’s stock worth $2,697,000 after purchasing an additional 415,188 shares during the period. Finally, Bank of Montreal Can raised its position in NovaGold Resources by 26.5% during the third quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock valued at $5,377,000 after acquiring an additional 267,713 shares in the last quarter. 57.56% of the stock is owned by hedge funds and other institutional investors.

About NovaGold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.