NovaGold Resources (TSE:NG) Shares Down 10.5% – Should You Sell?

NovaGold Resources Inc. (TSE:NG) shares traded down 10.5% on Wednesday . The company traded as low as C$8.99 and last traded at C$9.20. 569,243 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 652,997 shares. The stock had previously closed at C$10.28.

Analysts Set New Price Targets

NG has been the topic of several research analyst reports. Canaccord Genuity Group upgraded NovaGold Resources to a “moderate buy” rating in a research report on Thursday, March 26th. Scotiabank upgraded NovaGold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Strong Buy” and an average price target of C$18.00.

NovaGold Resources Stock Performance

The company’s 50 day moving average price is C$11.62 and its 200-day moving average price is C$13.05. The company has a market cap of C$3.91 billion, a price-to-earnings ratio of -34.27 and a beta of 3.41.

NovaGold Resources (TSE:NG) last released its earnings results on Wednesday, April 1st. The company reported C($0.05) EPS for the quarter.

About NovaGold Resources

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.