NovaGold Resources (TSE:NG) Stock Price Down 3% – What’s Next?

NovaGold Resources Inc. (TSE:NG)’s stock price fell 3% during mid-day trading on Wednesday . The company traded as low as C$7.95 and last traded at C$8.07. Approximately 425,691 shares traded hands during trading, a decline of 34% from the average session volume of 645,323 shares. The stock had previously closed at C$8.32.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NG shares. Canaccord Genuity Group upgraded NovaGold Resources to a “moderate buy” rating in a research note on Thursday, March 26th. Scotiabank upgraded NovaGold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy” and an average price target of C$18.00.

NovaGold Resources Trading Down 3.0%

The stock has a market cap of C$3.54 billion, a P/E ratio of -50.44 and a beta of 3.66. The firm’s 50-day simple moving average is C$10.36 and its 200 day simple moving average is C$12.51.

NovaGold Resources (TSE:NG) last released its quarterly earnings results on Wednesday, June 24th. The company reported C($0.06) earnings per share for the quarter.

NovaGold Resources Company Profile

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.