Novagold Resources (NYSEAMERICAN:NG) Shares Gap Down – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $8.60, but opened at $8.18. Novagold Resources shares last traded at $8.3150, with a volume of 654,138 shares trading hands.

Analyst Ratings Changes

NG has been the subject of several recent research reports. B. Riley Financial initiated coverage on Novagold Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target for the company. Scotiabank raised Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley lowered their target price on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Novagold Resources presently has a consensus rating of “Buy” and a consensus target price of $12.42.

Novagold Resources Trading Up 1.7%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The business’s 50 day moving average price is $6.90 and its 200-day moving average price is $8.40. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of -48.06 and a beta of 0.92.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. Equities analysts expect that Novagold Resources Inc. will post -0.13 EPS for the current year.

Institutional Trading of Novagold Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. raised its stake in Novagold Resources by 34,166.7% during the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock worth $28,000 after acquiring an additional 3,075 shares during the period. Harbor Investment Advisory LLC bought a new position in Novagold Resources in the second quarter worth about $33,000. Leonteq Securities AG acquired a new position in Novagold Resources in the fourth quarter valued at approximately $38,000. Cubist Systematic Strategies LLC acquired a new position in Novagold Resources in the first quarter valued at approximately $44,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Novagold Resources during the fourth quarter valued at approximately $47,000. 57.56% of the stock is owned by institutional investors and hedge funds.

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.