Novagold Resources (NYSEAMERICAN:NG) Stock Price Down 6.3% – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price dropped 6.3% on Wednesday . The stock traded as low as $9.37 and last traded at $9.3340. Approximately 342,073 shares were traded during trading, a decline of 80% from the average daily volume of 1,747,005 shares. The stock had previously closed at $9.96.

Wall Street Analyst Weigh In

Several research firms recently commented on NG. Citigroup raised their price target on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets began coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research 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 note on Wednesday, October 29th. Finally, B. Riley boosted their price target on Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Novagold Resources presently has a consensus rating of “Moderate Buy” and an average price target of $10.17.

Novagold Resources Trading Down 2.2%

The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92. The stock’s 50 day moving average is $9.21 and its two-hundred day moving average is $7.59. The company has a market capitalization of $3.97 billion, a PE ratio of -39.04 and a beta of 0.83.

Hedge Funds Weigh In On Novagold Resources

A number of large investors have recently bought and sold shares of NG. MetLife Investment Management LLC lifted its holdings in Novagold Resources by 3.7% during the first quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company’s stock worth $399,000 after buying an additional 4,880 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources in the 1st quarter worth $44,000. Amundi raised its position in shares of Novagold Resources by 15.6% in the 1st quarter. Amundi now owns 2,790,399 shares of the mining company’s stock worth $7,925,000 after acquiring an additional 375,697 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after purchasing an additional 4,896 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

About Novagold Resources

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.