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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $8.60, but opened at $8.18. Novagold Resources shares last traded at $8.3150, with a volume of 654,138 shares traded.

Analyst Ratings Changes

NG has been the topic of several recent analyst reports. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Morgan Stanley lowered their target price 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. Finally, B. Riley Financial began coverage on shares of Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target on the stock. 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. According to data from MarketBeat.com, Novagold Resources currently has an average rating of “Buy” and an average price target of $12.42.

Novagold Resources Stock Performance

The stock has a fifty day simple moving average of $6.84 and a 200-day simple moving average of $8.44. The stock has a market cap of $3.60 billion, a P/E ratio of -48.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. On average, equities analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sunbelt Securities Inc. lifted its stake in Novagold Resources by 34,166.7% in the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after acquiring an additional 3,075 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Novagold Resources during the 2nd quarter worth approximately $33,000. Leonteq Securities AG bought a new position in shares of Novagold Resources during the 4th quarter worth approximately $38,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources in the first quarter valued at approximately $44,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Novagold Resources in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds 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.