NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 3.7% – Time to Sell?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded down 3.7% on Monday . The stock traded as low as $3.28 and last traded at $3.27. 1,277,393 shares changed hands during trading, a decline of 19% from the average session volume of 1,580,152 shares. The stock had previously closed at $3.39.

Analyst Ratings Changes

Separately, National Bank Financial raised NovaGold Resources to a “hold” rating in a research note on Friday, March 21st.

NovaGold Resources Price Performance

The stock’s 50-day moving average price is $3.22. The stock has a market capitalization of $1.02 billion, a P/E ratio of -23.54 and a beta of 1.05.

Hedge Funds Weigh In On NovaGold Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its position in NovaGold Resources by 19.9% in the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock valued at $3,762,000 after purchasing an additional 152,164 shares during the last quarter. State Street Corp lifted its holdings in NovaGold Resources by 5.0% in the third quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock valued at $17,717,000 after acquiring an additional 206,610 shares during the period. JPMorgan Chase & Co. boosted its holdings in NovaGold Resources by 21.5% during the third quarter. JPMorgan Chase & Co. now owns 394,749 shares of the mining company’s stock worth $1,618,000 after buying an additional 69,785 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of NovaGold Resources by 26.5% in the 3rd quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock worth $5,377,000 after acquiring an additional 267,713 shares during the period. Finally, Wellington Management Group LLP grew its holdings in NovaGold Resources by 20.5% in the third quarter. Wellington Management Group LLP now owns 1,146,787 shares of the mining company’s stock valued at $4,702,000 after purchasing an additional 195,117 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

NovaGold Resources Company Profile

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.