Novagold Resources (NYSEAMERICAN:NG) Trading Down 13.9% – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock 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 were traded during mid-day 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

NG has been the topic of several research analyst reports. B. Riley raised their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. BMO Capital Markets assumed coverage on Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Finally, Citigroup boosted their target price on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Price Performance

The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. The company has a fifty day moving average price of $9.90 and a two-hundred day moving average price of $8.26. The company has a market cap of $3.79 billion, a P/E ratio of -37.38 and a beta of 0.83.

Institutional Investors Weigh In On Novagold Resources

Several large investors have recently made changes to their positions in the stock. Lingotto Investment Management LLP increased its holdings in Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after buying an additional 13,180,065 shares during the last quarter. Kopernik Global Investors LLC grew its position in shares of Novagold Resources by 2.8% in the 2nd quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock valued at $78,181,000 after acquiring an additional 523,479 shares during the period. Capital World Investors grew its position in shares of Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after acquiring an additional 2,000,000 shares during the period. Vanguard Group Inc. increased its stake in shares of Novagold Resources by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock worth $137,647,000 after purchasing an additional 173,474 shares during the last quarter. Finally, UBS Group AG raised its holdings in shares of Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after purchasing an additional 2,443,511 shares during the period. 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.