Novagold Resources (NYSEAMERICAN:NG) Shares Gap Down - Here's What Happened

Key Points

• Novagold Resources Inc. experienced a significant share price drop, opening at $9.16 after closing at $10.11, with shares last traded around $9.04.
• Analysts have upgraded their price targets for Novagold Resources, with Citigroup raising it from $7.00 to $12.50, indicating a "buy" rating.
• Institutional investors hold a substantial stake in the company, with 57.56% of the stock owned by various hedge funds and institutional investors.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price gapped down prior to trading on Tuesday . The stock had previously closed at $10.11, but opened at $9.16. Novagold Resources shares last traded at $9.04, with a volume of 877,477 shares changing hands.

Wall Street Analyst Weigh In

NG has been the topic of a number of research reports. Citigroup boosted their price target on Novagold Resources from $7.00 to $12.50 and gave the company a "buy" rating in a report on Wednesday, October 15th. B. Riley increased their price objective on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Novagold Resources has an average rating of "Moderate Buy" and a consensus target price of $10.17.

Novagold Resources Trading Down 11.3%

The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The stock has a market capitalization of $3.65 billion, a PE ratio of -35.97 and a beta of 0.77. The stock's 50 day simple moving average is $7.74 and its two-hundred day simple moving average is $5.45.

Institutional Trading of Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cary Street Partners Financial LLC bought a new stake in Novagold Resources during the 1st quarter worth approximately $29,000. Dauntless Investment Group LLC bought a new position in shares of Novagold Resources in the 1st quarter worth $39,000. Shepherd Financial Partners LLC bought a new position in shares of Novagold Resources in the 2nd quarter worth $41,000. Quadrature Capital Ltd bought a new position in shares of Novagold Resources in the 2nd quarter worth $44,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources in the 1st quarter worth $44,000. Institutional investors own 57.56% of the company's stock.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.

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