NovaGold Resources (NYSEAMERICAN:NG) Trading Up 5.4% – Time to Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price traded up 5.4% on Wednesday . The stock traded as high as $3.72 and last traded at $3.70. 229,371 shares changed hands 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 Analyst Weigh In

Separately, Citigroup upgraded NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.

NovaGold Resources Price Performance

The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -28.77 and a beta of 1.07.

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 the consensus estimate of ($0.02) by ($0.01).

Institutional Trading of NovaGold Resources

Several large investors have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new position in NovaGold Resources in the 3rd quarter valued at approximately $308,000. Toronto Dominion Bank increased its holdings in NovaGold Resources by 67.3% during the 3rd quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company’s stock valued at $96,000 after purchasing an additional 9,377 shares in the last quarter. Geode Capital Management LLC increased its holdings in NovaGold Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company’s stock valued at $12,497,000 after purchasing an additional 9,629 shares in the last quarter. Barclays PLC increased its holdings in NovaGold Resources by 19.9% during the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock valued at $3,762,000 after purchasing an additional 152,164 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in NovaGold Resources in the 3rd quarter valued at $263,000. 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.