Novagold Resources (NYSEAMERICAN:NG) Trading Down 6.4% – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares traded down 6.4% during trading on Tuesday . The stock traded as low as $10.27 and last traded at $10.0640. 871,160 shares were traded during trading, a decline of 78% from the average session volume of 3,931,289 shares. The stock had previously closed at $10.75.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Scotiabank assumed coverage on shares of Novagold Resources in a research note on Friday, February 6th. They issued a “sector outperform” rating on the stock. Morgan Stanley assumed coverage on shares of Novagold Resources in a research note on Thursday, April 9th. They issued an “overweight” rating and a $13.80 target price on the stock. Finally, B. Riley Financial raised their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Eight investment 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.26.

Novagold Resources Trading Down 8.9%

The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38. The business’s fifty day simple moving average is $10.31 and its two-hundred day simple moving average is $9.76. The stock has a market capitalization of $4.30 billion, a P/E ratio of -37.59 and a beta of 0.90.

Insider Activity at Novagold Resources

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the acquisition, the director directly owned 4,000 shares of the company’s stock, valued at approximately $37,440. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in Novagold Resources by 3.4% in the 4th quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock valued at $1,743,000 after acquiring an additional 6,154 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Novagold Resources in the 4th quarter valued at about $121,000. Mackenzie Financial Corp increased its position in Novagold Resources by 73.0% in the 4th quarter. Mackenzie Financial Corp now owns 368,038 shares of the mining company’s stock valued at $3,465,000 after acquiring an additional 155,336 shares in the last quarter. Empowered Funds LLC increased its position in Novagold Resources by 70.6% in the 4th quarter. Empowered Funds LLC now owns 30,978 shares of the mining company’s stock valued at $289,000 after acquiring an additional 12,816 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Novagold Resources by 2.5% in the 4th quarter. Wellington Management Group LLP now owns 1,273,964 shares of the mining company’s stock valued at $11,873,000 after acquiring an additional 30,528 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.