Novagold Resources (NYSEAMERICAN:NG) Trading Down 8.9% – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was down 8.9% during mid-day trading on Friday . The company traded as low as $8.08 and last traded at $8.1020. Approximately 737,849 shares were traded during trading, a decline of 81% from the average daily volume of 3,817,217 shares. The stock had previously closed at $8.89.

Analysts Set New Price Targets

A number of analysts have issued reports on NG shares. Morgan Stanley started coverage on shares of Novagold Resources in a research note on Thursday, April 9th. They set an “overweight” rating and a $13.80 price target on the stock. B. Riley Financial boosted their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Canaccord Genuity Group started 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, Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Novagold Resources has an average rating of “Buy” and an average target price of $13.26.

Novagold Resources Stock Performance

The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of -31.56 and a beta of 0.76. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $9.41 and a 200 day moving average price of $9.66.

Hedge Funds Weigh In On Novagold Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Electrum Group LLC acquired a new position in Novagold Resources in the fourth quarter valued at approximately $865,854,000. Principal Financial Group Inc. boosted its holdings in Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after purchasing an additional 5,704,403 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 2,815,780 shares in the last quarter. UBS Group AG boosted its holdings in Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after purchasing an additional 2,443,511 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Novagold Resources by 520.9% in the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after purchasing an additional 2,438,052 shares in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

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.