NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down – Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped down prior to trading on Monday . The stock had previously closed at $3.65, but opened at $3.53. NovaGold Resources shares last traded at $3.51, with a volume of 69,819 shares.

Wall Street Analyst Weigh In

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

NovaGold Resources Stock Performance

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly earnings data 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).

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Northwest & Ethical Investments L.P. purchased a new stake in NovaGold Resources during the 3rd quarter valued at $31,000. AQR Capital Management LLC bought a new position in NovaGold Resources during the 2nd quarter valued at approximately $49,000. Evoke Wealth LLC bought a new stake in shares of NovaGold Resources in the 2nd quarter worth approximately $66,000. Cypress Wealth Services LLC purchased a new position in shares of NovaGold Resources during the second quarter valued at approximately $70,000. Finally, Toronto Dominion Bank raised its holdings in shares of NovaGold Resources by 67.3% during the third quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company’s stock valued at $96,000 after acquiring an additional 9,377 shares in the last quarter. Hedge funds and other 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.