Point72 Asset Management L.P. acquired a new stake in NovaGold Resources Inc. (NYSEAMERICAN:NG – Free Report) (TSE:NG) in the 3rd quarter, Holdings Channel reports. The fund acquired 29,595 shares of the mining company’s stock, valued at approximately $121,000.
A number of other institutional investors also recently bought and sold shares of the stock. Northwest & Ethical Investments L.P. acquired a new position in NovaGold Resources during the 3rd quarter valued at approximately $31,000. AQR Capital Management LLC purchased a new stake in shares of NovaGold Resources during the second quarter valued at $49,000. Evoke Wealth LLC acquired a new position in shares of NovaGold Resources in the 2nd quarter valued at $66,000. Banque Cantonale Vaudoise purchased a new position in NovaGold Resources in the 3rd quarter worth $102,000. Finally, Fore Capital LLC acquired a new stake in NovaGold Resources during the 2nd quarter worth about $104,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, Citigroup raised NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.
NovaGold Resources Trading Down 4.8 %
NG stock opened at $3.40 on Friday. The firm has a market capitalization of $1.14 billion, a PE ratio of -26.15 and a beta of 1.07. NovaGold Resources Inc. has a 12 month low of $2.22 and a 12 month high of $4.88.
NovaGold Resources (NYSEAMERICAN:NG – Get Free Report) (TSE:NG) last posted its quarterly earnings results on Wednesday, October 2nd. The mining company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01).
NovaGold Resources 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.
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