Novagold Resources (NYSEAMERICAN:NG) Stock Price Down 8.6% - Should You Sell?

Key Points

• Novagold Resources Inc. shares fell by 8.6% on Friday, with the stock last trading at $9.51 compared to a previous close of $10.40.
• Analysts remain optimistic, with a consensus rating of "Moderate Buy" and a price target averaging $10.17 after recent upgrades from firms like Citigroup and B. Riley.
• Institutional investors hold 57.56% of Novagold's shares, with several firms initiating new stakes in the company recently.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG traded down 8.6% on Friday . The stock traded as low as $9.48 and last traded at $9.51. 1,815,316 shares traded hands during trading, a decline of 52% from the average session volume of 3,775,931 shares. The stock had previously closed at $10.40.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Citigroup upped their price target on shares of Novagold Resources from $7.00 to $12.50 and gave the company a "buy" rating in a report on Wednesday. B. Riley raised their target price 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 analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Novagold Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.17.

Novagold Resources Trading Down 8.6%

The firm has a market cap of $3.87 billion, a PE ratio of -38.02 and a beta of 0.77. The company has a current ratio of 26.91, a quick ratio of 26.91 and a debt-to-equity ratio of 0.92. The business has a fifty day moving average price of $7.57 and a 200 day moving average price of $5.31.

Institutional Trading of Novagold Resources

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

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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