NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up – Should You Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $3.50, but opened at $3.60. NovaGold Resources shares last traded at $3.44, with a volume of 219,368 shares.

Analysts Set New Price Targets

NG has been the topic of a number of recent analyst reports. National Bank Financial cut shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th. StockNews.com lowered shares of NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. Finally, Citigroup raised shares of NovaGold Resources to a “strong-buy” rating in a research report on Thursday, October 3rd.

NovaGold Resources Stock Down 4.6 %

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

Hedge Funds Weigh In On NovaGold Resources

Institutional investors have recently modified their holdings of the business. First Eagle Investment Management LLC lifted its stake in NovaGold Resources by 16.5% in the second quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock worth $74,340,000 after acquiring an additional 3,042,480 shares during the last quarter. Lingotto Investment Management LLP grew its stake in shares of NovaGold Resources by 10.2% during the second quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock worth $67,222,000 after purchasing an additional 1,790,528 shares in the last quarter. American Century Companies Inc. purchased a new position in NovaGold Resources in the second quarter valued at $2,029,000. Russell Investments Group Ltd. raised its stake in NovaGold Resources by 37.0% in the first quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company’s stock valued at $6,359,000 after buying an additional 572,273 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in NovaGold Resources by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock worth $31,134,000 after buying an additional 367,401 shares during the last quarter. Institutional investors and hedge funds 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.