NovaGold Resources (TSE:NG) Stock Price Down 3% – Time to Sell?

NovaGold Resources Inc. (TSE:NG)’s share price dropped 3% during mid-day trading on Wednesday . The company traded as low as C$7.95 and last traded at C$8.07. 425,691 shares were traded during trading, a decline of 34% from the average daily volume of 645,323 shares. The stock had previously closed at C$8.32.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Scotiabank raised shares of NovaGold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Canaccord Genuity Group raised shares of NovaGold Resources to a “moderate buy” rating in a report on Thursday, March 26th. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Strong Buy” and a consensus target price of C$18.00.

NovaGold Resources Stock Performance

The company has a fifty day moving average of C$10.28 and a two-hundred day moving average of C$12.46. The company has a market cap of C$3.18 billion, a PE ratio of -45.25 and a beta of 3.66.

NovaGold Resources (TSE:NG) last posted its quarterly earnings data on Wednesday, June 24th. The company reported C($0.06) EPS for the quarter.

NovaGold Resources Company Profile

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.