Novagold Resources (NYSEAMERICAN:NG) Shares Down 7.1% – Time to Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) dropped 7.1% during trading on Monday . The stock traded as low as $9.40 and last traded at $9.4570. Approximately 669,817 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 3,568,182 shares. The stock had previously closed at $10.18.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. B. Riley raised their target price on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. BMO Capital Markets assumed coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Finally, Citigroup raised their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Novagold Resources Stock Down 5.9%

The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The company’s 50-day moving average price is $9.10 and its 200 day moving average price is $7.34. The stock has a market capitalization of $3.90 billion, a P/E ratio of -38.38 and a beta of 0.81.

Institutional Trading of Novagold Resources

Institutional investors have recently added to or reduced their stakes in the company. MetLife Investment Management LLC grew its stake in Novagold Resources by 3.7% in the first quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company’s stock worth $399,000 after purchasing an additional 4,880 shares in the last quarter. Vident Advisory LLC increased its position in shares of Novagold Resources by 21.8% during the first quarter. Vident Advisory LLC now owns 257,406 shares of the mining company’s stock worth $752,000 after purchasing an additional 46,018 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Novagold Resources in the first quarter worth about $44,000. Empyrean Capital Partners LP increased its stake in Novagold Resources by 239.1% during the 1st quarter. Empyrean Capital Partners LP now owns 1,933,066 shares of the mining company’s stock valued at $5,645,000 after purchasing an additional 1,363,066 shares in the last quarter. Finally, Amundi increased its holdings in shares of Novagold Resources by 15.6% in the first quarter. Amundi now owns 2,790,399 shares of the mining company’s stock valued at $7,925,000 after purchasing an additional 375,697 shares during the period. Institutional investors own 57.56% of the company’s stock.

About Novagold Resources

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.