Novagold Resources (NYSEAMERICAN:NG) Shares Gap Down - Time to Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares gapped down prior to trading 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.

Analysts Set New Price Targets

Several brokerages have commented on NG. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $5.00 to $7.00 in a research report on Wednesday, June 4th. National Bank Financial raised shares of Novagold Resources to a "hold" rating in a research report on Friday, March 21st.

Novagold Resources Stock Down 3.3%

The business's fifty day moving average is $3.98 and its 200-day moving average is $3.48. The company has a market cap of $1.63 billion, a PE ratio of -16.73 and a beta of 0.63.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in Novagold Resources by 21.0% during the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after purchasing an additional 2,848 shares during the last quarter. Mackenzie Financial Corp increased its stake in Novagold Resources by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock worth $483,000 after acquiring an additional 3,871 shares during the last quarter. MetLife Investment Management LLC raised its position in Novagold Resources by 3.7% during the first quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company's stock valued at $399,000 after purchasing an additional 4,880 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Novagold Resources by 1.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company's stock valued at $846,000 after purchasing an additional 4,896 shares during the last quarter. Finally, Significant Wealth Partners LLC increased its position in shares of Novagold Resources by 20.9% during the 1st quarter. Significant Wealth Partners LLC now owns 38,546 shares of the mining company's stock valued at $113,000 after purchasing an additional 6,670 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Company Profile

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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