Novagold Resources (NYSEAMERICAN:NG) Shares Down 8.5% – Should You Sell?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) were down 8.5% on Monday . The company traded as low as $11.04 and last traded at $11.05. Approximately 831,353 shares were traded during trading, a decline of 80% from the average daily volume of 4,099,896 shares. The stock had previously closed at $12.07.

Wall Street Analysts Forecast Growth

NG has been the subject of several analyst reports. Scotiabank began coverage on Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial boosted their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Finally, Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Trading Down 4.3%

The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The firm has a fifty day simple moving average of $10.54 and a 200-day simple moving average of $9.27. The firm has a market cap of $5.07 billion, a P/E ratio of -46.20 and a beta of 0.74.

Insider Buying and Selling at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the acquisition, the director directly owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Novagold Resources

Several institutional investors have recently bought and sold shares of the stock. Electrum Group LLC purchased a new position in Novagold Resources during the 4th quarter worth $865,854,000. Lingotto Investment Management LLP boosted its stake in shares of Novagold Resources by 60.7% in the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after buying an additional 13,180,065 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after acquiring an additional 2,815,780 shares in the last quarter. UBS Group AG increased its position in shares of Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after acquiring an additional 2,438,052 shares during the period. Institutional investors own 57.56% of the company’s stock.

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.