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.

In other NovaGold Resources news, VP David A. Ottewell sold 60,309 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $3.73, for a total transaction of $224,952.57. Following the completion of the sale, the vice president now owns 645,385 shares in the company, valued at approximately $2,407,286.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David A. Ottewell sold 44,230 shares of the firm’s stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $4.01, for a total value of $177,362.30. Following the sale, the chief financial officer now owns 597,216 shares of the company’s stock, valued at approximately $2,394,836.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 397,908 shares of company stock worth $1,629,703.

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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