Novagold Resources (NYSEAMERICAN:NG) Trading Down 13.9% – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price dropped 13.9% during mid-day trading on Friday . The company traded as low as $9.56 and last traded at $9.4540. Approximately 3,277,923 shares traded hands during trading, a decline of 11% from the average daily volume of 3,663,899 shares. The stock had previously closed at $10.98.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. BMO Capital Markets assumed coverage on Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating on the stock. National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. B. Riley lifted their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Zacks Research downgraded shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Finally, Citigroup raised their price objective 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. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Novagold Resources presently has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Price Performance

The stock has a market capitalization of $3.55 billion, a PE ratio of -34.92 and a beta of 0.83. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock’s 50-day moving average is $9.91 and its 200 day moving average is $8.31.

Institutional Investors Weigh In On Novagold Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new position in Novagold Resources during the first quarter worth $44,000. AQR Capital Management LLC increased its holdings 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 valued at $128,000 after acquiring an additional 22,289 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Novagold Resources by 1.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after acquiring an additional 4,896 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Novagold Resources in the 1st quarter valued at approximately $157,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Novagold Resources by 13.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares during 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 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.