NovaGold Resources (TSE:NG) Trading Down 10.5% – What’s Next?

NovaGold Resources Inc. (TSE:NG) shares traded down 10.5% on Wednesday . The company traded as low as C$8.99 and last traded at C$9.20. Approximately 569,243 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 652,997 shares. The stock had previously closed at C$10.28.

Wall Street Analyst Weigh In

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

NovaGold Resources Stock Performance

The stock has a market cap of C$3.83 billion, a P/E ratio of -33.58 and a beta of 3.41. The firm has a 50 day simple moving average of C$11.42 and a two-hundred day simple moving average of C$12.98.

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

About NovaGold Resources

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.