Novagold Resources (NYSEAMERICAN:NG) Reaches New 1-Year Low – What’s Next?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $5.07 and last traded at $5.1350, with a volume of 390232 shares changing hands. The stock had previously closed at $5.33.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Zacks Research raised Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Morgan Stanley dropped their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Scotiabank raised Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Royal Bank Of Canada decreased their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Finally, Canaccord Genuity Group started coverage on Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.22.

Novagold Resources Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The stock has a market capitalization of $2.27 billion, a PE ratio of -30.32 and a beta of 0.84. The company’s fifty day simple moving average is $7.34 and its two-hundred day simple moving average is $9.03.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Electrum Group LLC acquired a new position in shares of Novagold Resources during the 4th quarter worth approximately $865,854,000. Principal Financial Group Inc. grew its holdings in Novagold Resources by 32,405.9% during the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after buying an additional 5,704,403 shares during the last quarter. UBS Group AG increased its position in Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after buying an additional 2,443,511 shares in the last quarter. Bank of America Corp DE increased its position in Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after buying an additional 2,438,052 shares in the last quarter. Finally, Greenwich Wealth Management LLC purchased a new position in Novagold Resources during the fourth quarter worth $18,640,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.