Novagold Resources (NYSEAMERICAN:NG) Shares Gap Down - Here's Why

Key Points

• Novagold Resources shares fell 4.5%, opening at $8.18 versus a prior close of $8.60 and last trading near $8.32 on volume of 654,138 shares.
• Analyst sentiment remains positive, with an average rating of “Buy” and a consensus price target of $12.42; recent actions included a Scotiabank upgrade and a Morgan Stanley target of $13.60.
• Institutional ownership stands at 57.56%, with several investors adding or initiating positions, while the company continues advancing its flagship Donlin Gold project in Alaska through a 50/50 joint venture with Barrick Gold.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG gapped down prior to trading on Tuesday . The stock had previously closed at $8.60, but opened at $8.18. Novagold Resources shares last traded at $8.3150, with a volume of 654,138 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NG shares. Scotiabank upgraded Novagold Resources to a "strong-buy" rating in a report on Wednesday, May 6th. Morgan Stanley dropped their price objective on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Finally, B. Riley Financial began coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They set a "buy" rating and a $9.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Novagold Resources has an average rating of "Buy" and a consensus target price of $12.42.

Novagold Resources Stock Down 4.5%

The business has a fifty day moving average of $6.84 and a 200 day moving average of $8.44. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The firm has a market cap of $3.60 billion, a P/E ratio of -48.38 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last issued its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. On average, equities research analysts predict that Novagold Resources Inc. will post -0.16 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Quantinno Capital Management LP grew its holdings in shares of Novagold Resources by 1,075.2% in the 1st quarter. Quantinno Capital Management LP now owns 358,148 shares of the mining company's stock valued at $3,216,000 after buying an additional 327,672 shares during the period. Renaissance Technologies LLC acquired a new stake in Novagold Resources during the 1st quarter worth $7,972,000. International Assets Investment Management LLC acquired a new stake in Novagold Resources during the 1st quarter worth $950,000. Greenwich Wealth Management LLC bought a new position in Novagold Resources during the fourth quarter worth about $18,640,000. Finally, Groupe la Francaise bought a new position in Novagold Resources during the first quarter worth about $2,918,000. Institutional investors and hedge funds own 57.56% of the company's stock.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company's flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.

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