NovaGold Resources (TSE:NG) Shares Down 3.7% – Time to Sell?

NovaGold Resources Inc. (TSE:NG) shares were down 3.7% during mid-day trading on Wednesday. The company traded as low as C$8.83 and last traded at C$9.06. Approximately 813,059 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 674,440 shares. The stock had previously closed at C$9.41.

Wall Street Analysts Forecast Growth

Separately, B. Riley Financial upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy” and a consensus target price of C$18.00.

NovaGold Resources Stock Up 8.0%

The company has a 50-day moving average of C$10.53 and a 200-day moving average of C$10.68. The company has a market cap of C$4.21 billion, a PE ratio of -60.00 and a beta of 4.11.

NovaGold Resources Company Profile

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.