Novagold Resources (NYSEAMERICAN:NG) Stock Price Down 13.9% – Should You Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) fell 13.9% on Friday . The stock traded as low as $9.56 and last traded at $9.4540. 3,277,923 shares changed hands during trading, a decline of 11% from the average session volume of 3,663,899 shares. The stock had previously closed at $10.98.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Zacks Research downgraded Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. B. Riley raised their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday. BMO Capital Markets began coverage on Novagold Resources in a research report on Tuesday, November 4th. They set an “outperform” rating on the stock. Finally, Citigroup increased their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Price Performance

The business’s 50-day simple moving average is $9.90 and its 200 day simple moving average is $8.26. The company has a market capitalization of $3.79 billion, a P/E ratio of -37.38 and a beta of 0.83. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors have recently added to or reduced their stakes in the company. Lingotto Investment Management LLP grew its holdings in shares of Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after purchasing an additional 13,180,065 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Novagold Resources by 518.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock valued at $19,513,000 after acquiring an additional 4,000,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. UBS Group AG grew its holdings in shares of Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after buying an additional 2,443,511 shares during the period. Finally, Bank of America Corp DE raised its stake in Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after buying an additional 2,438,052 shares during the period. 57.56% of the stock is owned by institutional investors.

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.