NovaGold Resources (NYSEAMERICAN:NG) Trading 4.2% Higher – Should You Buy?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) were up 4.2% on Thursday . The stock traded as high as $3.49 and last traded at $3.45. Approximately 260,030 shares traded hands during trading, a decline of 85% from the average daily volume of 1,732,564 shares. The stock had previously closed at $3.31.

Analysts Set New Price Targets

Several analysts recently weighed in on NG shares. StockNews.com downgraded NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 28th. Citigroup upgraded NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, National Bank Financial cut NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th.

NovaGold Resources Price Performance

The stock has a market cap of $1.18 billion, a PE ratio of -25.46 and a beta of 1.06.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its earnings results on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Hedge Funds Weigh In On NovaGold Resources

Large investors have recently bought and sold shares of the business. Northwest & Ethical Investments L.P. purchased a new position in shares of NovaGold Resources in the third quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of NovaGold Resources during the first quarter worth approximately $28,000. Sheaff Brock Investment Advisors LLC acquired a new stake in NovaGold Resources in the first quarter valued at $32,000. AQR Capital Management LLC acquired a new position in shares of NovaGold Resources during the 2nd quarter worth about $49,000. Finally, Evoke Wealth LLC acquired a new stake in shares of NovaGold Resources during the 2nd quarter worth about $66,000. 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.