NovaGold Resources (NYSEAMERICAN:NG) Shares Down 2.2% – Here’s Why

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded down 2.2% during mid-day trading on Friday . The company traded as low as $3.34 and last traded at $3.38. 1,160,719 shares were traded during mid-day trading, a decline of 45% from the average session volume of 2,095,837 shares. The stock had previously closed at $3.45.

NovaGold Resources Stock Performance

The stock has a market capitalization of $1.13 billion, a P/E ratio of -25.92 and a beta of 1.05. The firm has a fifty day simple moving average of $3.22.

Institutional Trading of NovaGold Resources

Several large investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp grew its holdings in NovaGold Resources by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company’s stock valued at $483,000 after purchasing an additional 3,871 shares during the period. Robertson Stephens Wealth Management LLC lifted its position in shares of NovaGold Resources by 2.1% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 270,546 shares of the mining company’s stock valued at $901,000 after buying an additional 5,546 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of NovaGold Resources by 814.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company’s stock valued at $26,000 after acquiring an additional 6,959 shares during the period. MetLife Investment Management LLC increased its holdings in NovaGold Resources by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 131,843 shares of the mining company’s stock worth $439,000 after acquiring an additional 7,080 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. bought a new stake in NovaGold Resources during the 3rd quarter worth approximately $31,000. 57.56% of the stock is currently owned by 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.