Novagold Resources (NYSEAMERICAN:NG) Trading Down 6.4% – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares fell 6.4% on Tuesday . The stock traded as low as $10.27 and last traded at $10.0640. 871,160 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 3,931,289 shares. The stock had previously closed at $10.75.

Analysts Set New Price Targets

Several research firms have weighed in on NG. Canaccord Genuity Group began coverage on shares of Novagold Resources in a research report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price objective for the company. Scotiabank began coverage on shares of Novagold Resources in a research report on Friday, February 6th. They issued a “sector outperform” rating for the company. B. Riley Financial raised their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Morgan Stanley started coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price target for the company. Finally, Royal Bank Of Canada lowered their price target on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.26.

Novagold Resources Trading Down 8.9%

The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72. The business has a 50 day moving average of $10.31 and a 200 day moving average of $9.76. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of -37.59 and a beta of 0.90.

Insider Activity at Novagold Resources

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was acquired at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.67% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Torren Management LLC acquired a new position in Novagold Resources during the fourth quarter valued at approximately $27,000. Leonteq Securities AG acquired a new position in Novagold Resources during the fourth quarter valued at approximately $38,000. Hantz Financial Services Inc. acquired a new position in Novagold Resources during the third quarter valued at approximately $40,000. Cubist Systematic Strategies LLC acquired a new position in Novagold Resources during the first quarter valued at approximately $44,000. Finally, Kestra Advisory Services LLC acquired a new position in Novagold Resources during the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds 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.