Novagold Resources (NYSEAMERICAN:NG) Shares Down 7.1% – Here’s Why

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was down 7.1% during trading on Friday . The company traded as low as $9.82 and last traded at $9.7450. Approximately 3,101,563 shares changed hands during trading, an increase of 22% from the average daily volume of 2,552,231 shares. The stock had previously closed at $10.49.

Analysts Set New Price Targets

A number of analysts recently commented on the company. B. Riley lifted their price objective on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Citigroup increased their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, BMO Capital Markets started coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They set an “outperform” rating for the company. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $10.17.

Novagold Resources Price Performance

The company has a current ratio of 26.91, a quick ratio of 26.91 and a debt-to-equity ratio of 0.92. The company has a fifty day moving average price of $9.68 and a two-hundred day moving average price of $8.04. The firm has a market cap of $4.04 billion, a P/E ratio of -39.74 and a beta of 0.83.

Institutional Trading of Novagold Resources

A number of hedge funds and other institutional investors have recently modified their holdings of NG. Lingotto Investment Management LLP grew its position in shares of Novagold Resources by 60.7% in the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after acquiring an additional 13,180,065 shares during the period. Kopernik Global Investors LLC increased its position in Novagold Resources by 2.8% during the second quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock worth $78,181,000 after buying an additional 523,479 shares during the last quarter. Capital World Investors raised its stake in 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 buying an additional 2,000,000 shares during the period. Vanguard Group Inc. lifted its position in shares of Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after buying an additional 2,815,780 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Novagold Resources by 21.9% during the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after acquiring an additional 2,443,511 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.

About Novagold Resources

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.