NovaGold Resources (NYSEAMERICAN:NG) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $3.39. NovaGold Resources shares last traded at $3.33, with a volume of 3,322,803 shares traded.

NovaGold Resources Stock Performance

The company has a market capitalization of $1.06 billion, a PE ratio of -24.38 and a beta of 1.05.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wealthfront Advisers LLC acquired a new stake in shares of NovaGold Resources during the fourth quarter worth approximately $139,000. Amundi boosted its holdings in shares of NovaGold Resources by 11.6% during the fourth quarter. Amundi now owns 2,414,702 shares of the mining company’s stock worth $8,138,000 after purchasing an additional 251,583 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of NovaGold Resources during the fourth quarter worth approximately $1,952,000. Lingotto Investment Management LLP boosted its holdings in shares of NovaGold Resources by 3.5% during the fourth quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company’s stock worth $69,604,000 after purchasing an additional 702,636 shares during the period. Finally, Keating Investment Counselors Inc. boosted its holdings in shares of NovaGold Resources by 281.3% during the fourth quarter. Keating Investment Counselors Inc. now owns 61,000 shares of the mining company’s stock worth $203,000 after purchasing an additional 45,000 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.