NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was the target of a significant decrease in short interest in January. As of January 31st, there was short interest totalling 9,732,183 shares, a decrease of 3.5% from the January 15th total of 10,086,974 shares. Based on an average daily trading volume, of 1,237,474 shares, the days-to-cover ratio is currently 7.9 days.
NG opened at $3.64 on Thursday. NovaGold Resources has a 12-month low of $3.41 and a 12-month high of $5.05.
NG has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded NovaGold Resources from a “hold” rating to a “buy” rating and set a $4.25 target price for the company in a report on Wednesday, January 16th. B. Riley reiterated a “buy” rating on shares of NovaGold Resources in a report on Friday, January 25th. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of NovaGold Resources in a report on Wednesday, December 12th.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. SlateStone Wealth LLC purchased a new stake in shares of NovaGold Resources in the fourth quarter worth $49,000. Signition LP purchased a new stake in shares of NovaGold Resources during the fourth quarter valued at $50,000. Raymond James Financial Services Advisors Inc. boosted its position in shares of NovaGold Resources by 16.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 24,610 shares of the mining company’s stock valued at $98,000 after buying an additional 3,500 shares during the last quarter. Virtu Financial LLC boosted its position in shares of NovaGold Resources by 123.0% during the third quarter. Virtu Financial LLC now owns 34,650 shares of the mining company’s stock valued at $147,000 after buying an additional 19,110 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of NovaGold Resources by 131.9% during the second quarter. BlackRock Inc. now owns 46,718 shares of the mining company’s stock valued at $208,000 after buying an additional 26,572 shares during the last quarter.
About NovaGold Resources
NovaGold Resources Inc explores for and develops mineral properties in Canada and the United States. The company primarily explores for gold, silver, and copper deposits. It primarily holds a 50% interest in the Donlin Gold property that covers an area of 71,420 acres located in the Kuskokwim region of southwestern Alaska.
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