Novagold Resources (NYSEAMERICAN:NG) Stock Price Down 7.1% – Should You Sell?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) were down 7.1% on Wednesday . The company traded as low as $6.71 and last traded at $6.7040. Approximately 1,067,973 shares traded hands during trading, a decline of 71% from the average session volume of 3,662,889 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

NG has been the topic of several recent analyst reports. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Canaccord Genuity Group began coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective for the company. Royal Bank Of Canada dropped their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Morgan Stanley initiated coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Novagold Resources presently has an average rating of “Buy” and a consensus target price of $13.26.

Novagold Resources Price Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. The company’s fifty day moving average price is $8.41 and its 200 day moving average price is $9.48. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -24.54 and a beta of 0.77.

Institutional Trading of Novagold Resources

Several hedge funds have recently made changes to their positions in NG. Cubist Systematic Strategies LLC bought a new position in Novagold Resources during the 1st quarter worth $44,000. AQR Capital Management LLC lifted its stake in Novagold Resources by 103.9% in the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after buying an additional 22,289 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Novagold Resources by 1.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after buying an additional 4,896 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources in the first quarter valued at $157,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Novagold Resources by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock valued at $5,159,000 after acquiring an additional 210,631 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.