Novagold Resources (NYSEAMERICAN:NG) Shares Gap Down - What's Next?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG gapped down before the market opened on Friday . The stock had previously closed at $4.15, but opened at $3.95. Novagold Resources shares last traded at $4.03, with a volume of 400,462 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NG shares. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th. National Bank Financial upgraded shares of Novagold Resources to a "hold" rating in a research note on Friday, March 21st.

Novagold Resources Stock Up 0.2%

The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -17.04 and a beta of 0.63. The company has a quick ratio of 76.72, a current ratio of 76.72 and a debt-to-equity ratio of 0.96. The business's 50-day moving average is $4.00 and its two-hundred day moving average is $3.48.

Hedge Funds Weigh In On Novagold Resources

Large investors have recently modified their holdings of the business. Kopernik Global Investors LLC lifted its holdings in shares of Novagold Resources by 9.3% in the 1st quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company's stock worth $54,288,000 after acquiring an additional 1,584,886 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Novagold Resources by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock valued at $31,603,000 after buying an additional 71,256 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Novagold Resources by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock valued at $10,220,000 after buying an additional 20,218 shares in the last quarter. Amundi raised its holdings in shares of Novagold Resources by 15.6% in the 1st quarter. Amundi now owns 2,790,399 shares of the mining company's stock valued at $7,925,000 after buying an additional 375,697 shares during the period. Finally, Invesco Ltd. lifted its stake in Novagold Resources by 1.7% during the 4th quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company's stock worth $7,705,000 after acquiring an additional 39,167 shares in the last quarter. Institutional investors and hedge funds 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.