Novagold Resources (NYSEAMERICAN:NG) Shares Down 7.1% – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares traded down 7.1% during mid-day trading on Friday . The company traded as low as $9.82 and last traded at $9.7450. 3,101,563 shares were traded during trading, an increase of 22% from the average session volume of 2,552,231 shares. The stock had previously closed at $10.49.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NG. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Citigroup boosted their price target on 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 research note on Wednesday, November 19th. BMO Capital Markets assumed coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Finally, B. Riley increased their price objective on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.17.

Novagold Resources Stock Down 5.3%

The company has a market cap of $4.04 billion, a price-to-earnings ratio of -39.74 and a beta of 0.83. The business has a 50-day simple moving average of $9.68 and a two-hundred day simple moving average of $8.04. The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92.

Institutional Trading of Novagold Resources

Several large investors have recently modified their holdings of NG. Hantz Financial Services Inc. acquired a new position in shares of Novagold Resources during the third quarter worth approximately $40,000. Federated Hermes Inc. lifted its holdings in shares of Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after acquiring an additional 1,610 shares during the period. Shepherd Financial Partners LLC acquired a new position in Novagold Resources in the second quarter worth $41,000. Cresset Asset Management LLC bought a new stake in shares of Novagold Resources during the third quarter worth $88,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Novagold Resources in the second quarter valued at $44,000. 57.56% of the stock is owned by 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.