Novagold Resources (NYSEAMERICAN:NG) Shares Down 7.1% – Should You Sell?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) dropped 7.1% on Wednesday . The company traded as low as $6.71 and last traded at $6.7040. Approximately 1,067,973 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 3,662,889 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

NG has been the subject of a number of recent research reports. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Morgan Stanley began coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target on the stock. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target on the stock. Finally, Royal Bank Of Canada dropped their price target on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $13.26.

Novagold Resources Stock Performance

The company has a market cap of $2.70 billion, a PE ratio of -36.18 and a beta of 0.77. The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $8.25 and its two-hundred day moving average is $9.43.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in NG. Van ECK Associates Corp increased its stake in Novagold Resources by 29.2% in the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after acquiring an additional 1,842,582 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Novagold Resources by 23.9% during the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after acquiring an additional 2,815,780 shares during the last quarter. Tudor Investment Corp ET AL grew its holdings in shares of Novagold Resources by 89.5% in the third quarter. Tudor Investment Corp ET AL now owns 1,080,198 shares of the mining company’s stock valued at $9,506,000 after purchasing an additional 510,253 shares in the last quarter. Capital World Investors grew its holdings in shares of Novagold Resources by 12.8% in the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after purchasing an additional 2,000,000 shares in the last quarter. Finally, TD Asset Management Inc increased its position in Novagold Resources by 8.3% in the third quarter. TD Asset Management Inc now owns 905,975 shares of the mining company’s stock worth $8,009,000 after purchasing an additional 69,249 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.