Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares dropped 5.5% during mid-day trading on Wednesday . The company traded as low as $5.76 and last traded at $5.78. Approximately 2,033,541 shares traded hands during trading, a decline of 22% from the average daily volume of 2,617,488 shares. The stock had previously closed at $6.11.
Analyst Ratings Changes
Several brokerages have commented on NG. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $5.00 to $7.00 in a research report on Wednesday, June 4th. Citigroup initiated coverage on Novagold Resources in a research note on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target for the company.
Read Our Latest Analysis on NG
Novagold Resources Trading Down 3.7%
The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -22.48 and a beta of 0.67. 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 business has a 50-day moving average of $4.36 and a 200-day moving average of $3.64.
Insiders Place Their Bets
In other Novagold Resources news, Director Hume D. Kyle acquired 10,000 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the completion of the acquisition, the director directly owned 22,348 shares of the company's stock, valued at $91,626.80. This trade represents a 80.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.88% of the stock is owned by insiders.
Institutional Trading of Novagold Resources
Several hedge funds and other institutional investors have recently bought and sold shares of NG. Sterling Capital Management LLC lifted its position in Novagold Resources by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company's stock worth $26,000 after purchasing an additional 6,959 shares during the period. Cary Street Partners Financial LLC acquired a new stake in Novagold Resources in the first quarter worth approximately $29,000. Squarepoint Ops LLC acquired a new stake in Novagold Resources in the fourth quarter worth approximately $35,000. Dauntless Investment Group LLC acquired a new stake in Novagold Resources in the first quarter worth approximately $39,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Novagold Resources in the first quarter worth approximately $44,000. 57.56% of the stock is owned by institutional investors.
Novagold Resources Company Profile
(
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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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