Novagold Resources (NYSEAMERICAN:NG) Stock Price Down 5.5% - Here's Why

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG fell 5.5% during mid-day trading on Wednesday . The stock traded as low as $5.76 and last traded at $5.78. 2,033,541 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 2,617,488 shares. The stock had previously closed at $6.11.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Citigroup assumed coverage on shares of Novagold Resources in a research report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target on the stock. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th.

Novagold Resources Stock Performance

The business's fifty day moving average price is $4.39 and its two-hundred day moving average price is $3.65. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72. The stock has a market capitalization of $2.18 billion, a P/E ratio of -22.33 and a beta of 0.67.

Insider Buying and Selling

In other news, Director Hume D. Kyle purchased 10,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the acquisition, the director owned 22,348 shares of the company's stock, valued at approximately $91,626.80. This trade represents a 80.98% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.39% of the company's stock.

Institutional Investors Weigh In On Novagold Resources

Several large investors have recently added to or reduced their stakes in NG. Raymond James Financial Inc. purchased a new stake in Novagold Resources in the 4th quarter valued at about $1,952,000. American Century Companies Inc. lifted its position in shares of Novagold Resources by 2.0% in the 4th quarter. American Century Companies Inc. now owns 629,390 shares of the mining company's stock worth $2,105,000 after purchasing an additional 12,246 shares during the period. Vanguard Group Inc. lifted its position in shares of Novagold Resources by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 10,754,870 shares of the mining company's stock worth $35,963,000 after purchasing an additional 169,209 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Novagold Resources by 105.2% in the 4th quarter. JPMorgan Chase & Co. now owns 809,937 shares of the mining company's stock worth $2,697,000 after purchasing an additional 415,188 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Novagold Resources by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock worth $10,220,000 after purchasing an additional 20,218 shares during the period. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.