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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares gapped down before the market opened on Thursday . The stock had previously closed at $9.36, but opened at $8.68. Novagold Resources shares last traded at $8.9780, with a volume of 301,221 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NG shares. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. B. Riley Financial raised their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Scotiabank initiated coverage on Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective for the company. Finally, Royal Bank Of Canada lowered 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 note on Thursday, March 19th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Novagold Resources currently has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Novagold Resources Price Performance

The firm’s fifty day moving average price is $10.30 and its two-hundred day moving average price is $9.61. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -34.85 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 23.79.

Insider Buying and Selling at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average price of $9.36 per share, with a total value of $37,440.00. Following the transaction, the director owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.88% of the stock is owned by corporate insiders.

Institutional Trading of Novagold Resources

Institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp boosted its holdings in shares of Novagold Resources by 29.2% in the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after buying an additional 1,842,582 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 during the last quarter. Capital World Investors raised its holdings in shares of Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after purchasing an additional 2,000,000 shares during the period. Alps Advisors Inc. lifted its stake in Novagold Resources by 32.7% in the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock valued at $14,479,000 after purchasing an additional 405,843 shares during the last quarter. Finally, CapWealth Advisors LLC purchased a new position in Novagold Resources in the third quarter valued at approximately $616,000. Institutional investors 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.