Short Interest in NovaGold Resources Inc. (NG) Drops By 1.8%
NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 11,286,865 shares, a drop of 1.8% from the October 15th total of 11,499,570 shares. Based on an average daily trading volume, of 1,156,945 shares, the days-to-cover ratio is currently 9.8 days.
Shares of NovaGold Resources stock opened at $3.90 on Friday. NovaGold Resources has a 1-year low of $3.35 and a 1-year high of $5.05.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its earnings results on Tuesday, October 2nd. The mining company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01.
Several institutional investors and hedge funds have recently bought and sold shares of NG. Exor Investments UK LLP raised its stake in shares of NovaGold Resources by 75.9% in the 2nd quarter. Exor Investments UK LLP now owns 5,754,905 shares of the mining company’s stock worth $25,609,000 after buying an additional 2,483,827 shares in the last quarter. Levin Capital Strategies L.P. grew its holdings in shares of NovaGold Resources by 81.2% in the 2nd quarter. Levin Capital Strategies L.P. now owns 1,783,786 shares of the mining company’s stock worth $7,938,000 after acquiring an additional 799,483 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of NovaGold Resources by 88.8% in the 3rd quarter. Bank of Montreal Can now owns 1,399,026 shares of the mining company’s stock worth $5,190,000 after acquiring an additional 657,875 shares during the last quarter. Investec Asset Management LTD acquired a new position in shares of NovaGold Resources in the 2nd quarter worth $2,597,000. Finally, OppenheimerFunds Inc. acquired a new position in shares of NovaGold Resources in the 2nd quarter worth $1,335,000.
Separately, Zacks Investment Research upgraded NovaGold Resources from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th.
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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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