NovaGold Resources (NYSEAMERICAN:NG) Trading Up 5.4% – Here’s What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded up 5.4% during mid-day trading on Wednesday . The stock traded as high as $3.72 and last traded at $3.70. 229,371 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,694,748 shares. The stock had previously closed at $3.51.

Wall Street Analysts Forecast Growth

Separately, Citigroup raised shares of NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd.

NovaGold Resources Stock Down 4.2 %

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

Hedge Funds Weigh In On NovaGold Resources

A number of institutional investors and hedge funds have recently made changes to their positions in NG. American Century Companies Inc. bought a new position in shares of NovaGold Resources during the second quarter valued at $2,029,000. First Eagle Investment Management LLC increased its stake in NovaGold Resources by 16.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after purchasing an additional 3,042,480 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in NovaGold Resources by 24.0% in the second quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company’s stock worth $3,105,000 after buying an additional 173,817 shares during the last quarter. Lingotto Investment Management LLP lifted its stake in shares of NovaGold Resources by 10.2% in the second quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock worth $67,222,000 after buying an additional 1,790,528 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in shares of NovaGold Resources by 26.5% in the third quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock worth $5,377,000 after buying an additional 267,713 shares in the last quarter. 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.