Novagold Resources (NYSEAMERICAN:NG) Stock Falls 6.5% – Should You Sell?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) dropped 6.5% during trading on Wednesday. The stock traded as low as $7.19 and last traded at $7.2680. 732,750 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 4,329,913 shares. The stock had previously closed at $7.77.

Analyst Ratings Changes

NG has been the subject of several research reports. B. Riley Financial started coverage on shares of Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 price objective for the company. Morgan Stanley reduced their target price on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Novagold Resources currently has an average rating of “Buy” and an average price target of $12.42.

Novagold Resources Stock Performance

The business’s fifty day moving average is $7.39 and its two-hundred day moving average is $7.92. The stock has a market capitalization of $3.13 billion, a PE ratio of -42.00 and a beta of 0.92. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. As a group, research analysts anticipate that Novagold Resources Inc. will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Novagold Resources

Institutional investors have recently modified their holdings of the stock. Quantinno Capital Management LP raised its holdings in Novagold Resources by 1,075.2% during the 1st quarter. Quantinno Capital Management LP now owns 358,148 shares of the mining company’s stock valued at $3,216,000 after buying an additional 327,672 shares during the period. Renaissance Technologies LLC purchased a new position in Novagold Resources during the first quarter worth $7,972,000. International Assets Investment Management LLC purchased a new position in Novagold Resources during the first quarter worth $950,000. Groupe la Francaise bought a new position in Novagold Resources during the first quarter valued at $2,918,000. Finally, Greenwich Wealth Management LLC bought a new position in Novagold Resources during the fourth quarter valued at $18,640,000. 57.56% of the stock is owned by institutional investors.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian-based mineral exploration and development company focused on advancing the Donlin Gold project in southwestern Alaska. The company does not currently operate producing mines; its principal asset is its 50% interest in Donlin Gold LLC, which owns the Donlin Gold project. Barrick Gold Corporation owns the remaining 50% interest and is the project operator.

Donlin Gold is one of the largest undeveloped gold deposits in the world. The project is located in the Yukon-Kuskokwim region of Alaska, approximately 145 miles northeast of the port of Bethel.