NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up – Here’s What Happened

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up before the market opened on Wednesday . The stock had previously closed at $2.88, but opened at $3.03. NovaGold Resources shares last traded at $3.09, with a volume of 506,266 shares traded.

Wall Street Analysts Forecast Growth

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

NovaGold Resources Stock Performance

The stock has a market cap of $997.26 million, a PE ratio of -22.92 and a beta of 1.05. The firm’s 50-day moving average is $3.04 and its 200 day moving average is $3.39.

Hedge Funds Weigh In On NovaGold Resources

A number of large investors have recently modified their holdings of NG. Robertson Stephens Wealth Management LLC lifted its stake in shares of NovaGold Resources by 6.2% in the first quarter. Robertson Stephens Wealth Management LLC now owns 287,233 shares of the mining company’s stock valued at $839,000 after purchasing an additional 16,687 shares during the period. Sowell Financial Services LLC purchased a new position in NovaGold Resources in the first quarter valued at about $146,000. Rhumbline Advisers lifted its position in shares of NovaGold Resources by 2.6% during the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company’s stock valued at $1,137,000 after acquiring an additional 9,797 shares during the period. Mackenzie Financial Corp boosted its stake in shares of NovaGold Resources by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company’s stock worth $483,000 after acquiring an additional 3,871 shares in the last quarter. Finally, Wolverine Trading LLC grew its holdings in shares of NovaGold Resources by 4,789.1% in the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock worth $53,000 after acquiring an additional 16,666 shares during the period. 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.