NovaGold Resources (NYSEAMERICAN:NG) Shares Cross Above 200 Day Moving Average – What’s Next?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $3.66. NovaGold Resources shares last traded at $3.63, with a volume of 588,330 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. National Bank Financial cut 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 report on Thursday, October 3rd.

NovaGold Resources Stock Down 1.3 %

The firm has a market capitalization of $1.24 billion, a P/E ratio of -28.46 and a beta of 1.05.

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

Institutional Investors Weigh In On NovaGold Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC raised its position 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. Lingotto Investment Management LLP lifted its stake in 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 acquiring an additional 1,790,528 shares during the period. American Century Companies Inc. bought a new position in NovaGold Resources during the 2nd quarter worth about $2,029,000. Russell Investments Group Ltd. grew its holdings in NovaGold Resources by 37.0% during the 1st quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company’s stock worth $6,359,000 after acquiring an additional 572,273 shares in the last quarter. Finally, Vanguard Group Inc. increased its position 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 valued at $31,134,000 after purchasing an additional 367,401 shares during the period. Institutional investors own 57.56% of the company’s stock.

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.