Short Interest in NovaGold Resources Inc. (NG) Declines By 2.3%

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) saw a significant decline in short interest in the month of April. As of April 30th, there was short interest totalling 11,941,003 shares, a decline of 2.3% from the April 15th total of 12,219,919 shares. Based on an average daily volume of 1,334,500 shares, the days-to-cover ratio is currently 8.9 days.

Shares of NovaGold Resources stock opened at $3.83 on Friday. NovaGold Resources has a 52-week low of $3.41 and a 52-week high of $4.90.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its earnings results on Tuesday, April 2nd. The mining company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.01.

A number of brokerages have recently issued reports on NG. Zacks Investment Research lowered shares of NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Thursday, March 28th. B. Riley reiterated a “buy” rating on shares of NovaGold Resources in a research note on Friday, January 25th.

In other news, CFO David A. Ottewell sold 18,716 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $3.97, for a total transaction of $74,302.52. Following the transaction, the chief financial officer now directly owns 604,940 shares in the company, valued at $2,401,611.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David A. Ottewell sold 22,586 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $4.35, for a total transaction of $98,249.10. Following the transaction, the vice president now owns 608,540 shares in the company, valued at $2,647,149. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,360 shares of company stock worth $172,796.

Institutional investors and hedge funds have recently modified their holdings of the business. Mercer Global Advisors Inc. ADV acquired a new position in NovaGold Resources during the first quarter worth about $43,000. OLD Mission Capital LLC acquired a new position in NovaGold Resources during the first quarter worth about $46,000. SlateStone Wealth LLC acquired a new position in NovaGold Resources during the fourth quarter worth about $49,000. Signition LP acquired a new position in NovaGold Resources during the fourth quarter worth about $50,000. Finally, Hsbc Holdings PLC acquired a new position in NovaGold Resources during the first quarter worth about $65,000.

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NovaGold Resources Company Profile

NovaGold Resources Inc primarily explores for and develops gold mineral properties in Canada and the United States. Its principal asset is the Donlin Gold property covering an area of 71,420 acres 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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