NovaGold Resources (TSE:NG) Stock Price Down 3.7% – Should You Sell?

NovaGold Resources Inc. (TSE:NG) shares dropped 3.7% during trading on Tuesday . The company traded as low as C$17.49 and last traded at C$17.52. Approximately 63,293 shares traded hands during trading, a decline of 91% from the average daily volume of 736,250 shares. The stock had previously closed at C$18.20.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NG. BMO Capital Markets raised shares of NovaGold Resources to a “strong-buy” rating in a research note on Tuesday, November 4th. Scotiabank set a C$21.00 price target on shares of NovaGold Resources and gave the stock an “outperform” rating in a report on Friday, February 6th. Three research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, NovaGold Resources presently has a consensus rating of “Strong Buy” and a consensus target price of C$18.00.

NovaGold Resources Price Performance

The company’s 50-day moving average is C$14.19 and its 200-day moving average is C$12.59. The firm has a market capitalization of C$7.46 billion, a price-to-earnings ratio of -68.16 and a beta of 2.15.

NovaGold Resources (TSE:NG) last posted its quarterly earnings results on Thursday, January 22nd. The company reported C($0.05) earnings per share for the quarter.

Insiders Place Their Bets

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was purchased at an average price of C$12.79 per share, with a total value of C$51,160.00. Following the completion of the transaction, the director owned 4,000 shares in the company, valued at approximately C$51,160. The trade was a ∞ increase in their ownership of the stock. Insiders own 26.46% of the company’s stock.

About NovaGold Resources

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.