NovaGold Resources (TSE:NG) Shares Down 3.7% – Here’s Why

NovaGold Resources Inc. (TSE:NG)’s share price was down 3.7% during mid-day trading on Tuesday . The stock traded as low as C$17.49 and last traded at C$17.52. Approximately 63,293 shares were traded during trading, a decline of 91% from the average daily volume of 736,250 shares. The stock had previously closed at C$18.20.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NG shares. BMO Capital Markets raised shares of NovaGold Resources to a “strong-buy” rating in a report on Tuesday, November 4th. Scotiabank set a C$21.00 price target on NovaGold Resources and gave the company an “outperform” rating in a research report on Friday, February 6th. Three analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and a consensus price target of C$18.00.

NovaGold Resources Stock Performance

The firm has a market capitalization of C$7.46 billion, a price-to-earnings ratio of -68.16 and a beta of 2.15. The firm has a fifty day moving average price of C$14.19 and a 200 day moving average price of C$12.59.

NovaGold Resources (TSE:NG) last announced its quarterly earnings data on Thursday, January 22nd. The company reported C($0.05) earnings per share for the quarter.

Insider Activity at NovaGold Resources

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were purchased at an average price of C$12.79 per share, with a total value of C$51,160.00. Following the completion of the acquisition, the director owned 4,000 shares in the company, valued at approximately C$51,160. This represents a ? increase in their ownership of the stock. 26.46% of the stock is owned by company insiders.

About NovaGold Resources

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.