NovaGold Resources (NYSEAMERICAN:NG) Stock Passes Above 200 Day Moving Average – Should You Sell?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as high as $3.39. NovaGold Resources shares last traded at $3.31, with a volume of 1,660,153 shares traded.

Analyst Ratings Changes

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

NovaGold Resources Stock Performance

The firm has a market capitalization of $1.10 billion, a P/E ratio of -25.23 and a beta of 1.06.

Institutional Investors Weigh In On NovaGold Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its position in NovaGold Resources by 8.8% in the fourth quarter. SG Americas Securities LLC now owns 214,126 shares of the mining company’s stock worth $713,000 after buying an additional 17,341 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of NovaGold Resources by 21.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 394,749 shares of the mining company’s stock valued at $1,618,000 after acquiring an additional 69,785 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of NovaGold Resources during the third quarter worth about $308,000. Toronto Dominion Bank increased its position in shares of NovaGold Resources by 67.3% in the third quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company’s stock worth $96,000 after purchasing an additional 9,377 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in NovaGold Resources by 0.3% in the third 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. 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.