Novagold Resources (NYSEAMERICAN:NG) Trading Down 8.5% – Here’s Why

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares dropped 8.5% during trading on Monday . The company traded as low as $11.04 and last traded at $11.05. Approximately 831,353 shares traded hands during trading, a decline of 80% from the average daily volume of 4,099,896 shares. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NG shares. Scotiabank started coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. Zacks Research cut Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, B. Riley Financial upped their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell 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 firm has a market capitalization of $5.40 billion, a PE ratio of -49.24 and a beta of 0.75. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The business’s 50 day moving average is $10.64 and its two-hundred day moving average is $9.36.

Insiders Place Their Bets

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was purchased at an average price 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors have recently modified their holdings of the company. Torren Management LLC purchased a new stake in Novagold Resources in the fourth quarter worth approximately $27,000. Leonteq Securities AG purchased a new position in shares of Novagold Resources during the fourth quarter worth approximately $38,000. Hantz Financial Services Inc. bought a new stake in shares of Novagold Resources in the 3rd quarter worth approximately $40,000. Kestra Advisory Services LLC purchased a new stake in shares of Novagold Resources in the 4th quarter valued at $47,000. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Novagold Resources by 307.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after purchasing an additional 4,000 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

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.