NovaGold Resources (NYSEAMERICAN:NG) Shares Up 4.6%

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares shot up 4.6% during trading on Monday . The company traded as high as $4.36 and last traded at $4.35. 85,057 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 1,998,495 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. National Bank Financial cut shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. StockNews.com cut shares of NovaGold Resources from a “hold” rating to a “sell” rating in a research report on Sunday, July 28th.

NovaGold Resources Stock Performance

The stock has a market capitalization of $1.41 billion, a P/E ratio of -34.46 and a beta of 1.01.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Wednesday, June 26th. The mining company reported ($0.04) earnings per share for the quarter.

Institutional Trading of NovaGold Resources

Institutional investors have recently bought and sold shares of the company. Raymond James & Associates lifted its holdings in shares of NovaGold Resources by 27.9% in the fourth quarter. Raymond James & Associates now owns 363,587 shares of the mining company’s stock valued at $1,360,000 after purchasing an additional 79,361 shares in the last quarter. HTLF Bank purchased a new stake in NovaGold Resources in the 4th quarter valued at approximately $67,000. Van ECK Associates Corp grew its holdings in NovaGold Resources by 2.9% during the 4th quarter. Van ECK Associates Corp now owns 9,472,929 shares of the mining company’s stock valued at $35,429,000 after buying an additional 263,264 shares during the last quarter. Jump Financial LLC grew its holdings in NovaGold Resources by 65.4% during the 4th quarter. Jump Financial LLC now owns 213,171 shares of the mining company’s stock valued at $797,000 after buying an additional 84,271 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in NovaGold Resources during the fourth quarter worth $105,000. 57.56% of the stock is currently 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.