Novagold Resources (NYSEAMERICAN:NG) Stock Price Down 7.6% – Should You Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price dropped 7.6% on Tuesday. The company traded as low as $6.36 and last traded at $6.3560. Approximately 742,971 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 4,368,471 shares. The stock had previously closed at $6.88.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. B. Riley Financial started coverage on 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 lowered their target price on shares of Novagold Resources from $13.60 to $13.00 and set an “overweight” rating on the stock in a report on Wednesday, October 7th. Finally, Citigroup began coverage on shares of Novagold Resources in a report on Friday. They issued a “buy” rating and a $12.50 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Novagold Resources presently has an average rating of “Buy” and a consensus price target of $12.30.

Novagold Resources Stock Down 10.4%

The business’s 50 day moving average price is $6.85 and its 200-day moving average price is $8.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 44.51 and a quick ratio of 44.51. The company has a market cap of $2.71 billion, a P/E ratio of -29.40 and a beta of 0.97.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings results on Thursday, October 8th. The mining company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). On average, analysts anticipate that Novagold Resources Inc. will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. increased its holdings in shares of Novagold Resources by 34,166.7% in the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after purchasing an additional 3,075 shares in the last quarter. GAMMA Investing LLC raised its position in Novagold Resources by 179.9% in the 3rd quarter. GAMMA Investing LLC now owns 4,375 shares of the mining company’s stock worth $28,000 after purchasing an additional 2,812 shares during the last quarter. Farther Finance Advisors LLC raised its position in Novagold Resources by 91.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,851 shares of the mining company’s stock worth $32,000 after purchasing an additional 2,322 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in Novagold Resources during the 2nd quarter worth $33,000. Finally, Pinnacle Wealth Planning Services Inc. lifted its holdings in Novagold Resources by 6,221.2% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 5,057 shares of the mining company’s stock worth $33,000 after buying an additional 4,977 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 Canadian-based precious metals company focused on advancing the Donlin Gold project in southwestern Alaska. The company is a development-stage business and does not currently operate producing mines. Donlin Gold is owned equally by NOVAGOLD and Barrick Gold Corporation. The partners are working to advance the project, which is located in the Kuskokwim region of Alaska. NOVAGOLD’s activities center on evaluating and developing the Donlin Gold project, including its exploration, engineering, permitting and related planning work.