Novagold Resources (NYSEAMERICAN:NG) Shares Down 7.1% – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares fell 7.1% during trading on Friday . The stock traded as low as $9.82 and last traded at $9.7450. 3,101,563 shares were traded during trading, an increase of 22% from the average session volume of 2,552,231 shares. The stock had previously closed at $10.49.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. BMO Capital Markets initiated coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating for the company. Citigroup boosted their price target on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. B. Riley upped their price objective on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Zacks Research downgraded Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.17.

Novagold Resources Stock Down 5.5%

The company has a market cap of $4.03 billion, a price-to-earnings ratio of -39.64 and a beta of 0.83. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The firm has a 50-day moving average price of $9.70 and a 200 day moving average price of $8.11.

Hedge Funds Weigh In On Novagold Resources

A number of hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources in the 1st quarter valued at about $44,000. AQR Capital Management LLC raised its holdings in Novagold Resources by 103.9% in the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after acquiring an additional 22,289 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Novagold Resources by 1.7% during 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 acquiring an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Novagold Resources during the 1st quarter worth $157,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Novagold Resources by 13.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares during the period. 57.56% of the stock is owned by institutional investors.

About Novagold Resources

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.