Novagold Resources (NYSEAMERICAN:NG) Hits New 12-Month Low – Time to Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares reached a new 52-week low on Friday . The stock traded as low as $5.07 and last traded at $5.1350, with a volume of 390232 shares trading hands. The stock had previously closed at $5.33.

Analysts Set New Price Targets

NG has been the topic of a number of research reports. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Morgan Stanley cut their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Finally, Canaccord Genuity Group initiated coverage on Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Novagold Resources presently has a consensus rating of “Buy” and an average price target of $13.22.

Novagold Resources Stock Down 2.8%

The business has a 50-day moving average price of $7.27 and a 200 day moving average price of $9.01. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $2.27 billion, a P/E ratio of -30.47 and a beta of 0.84.

Institutional Investors Weigh In On Novagold Resources

Large investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC purchased a new position in shares of Novagold Resources in the 1st quarter worth approximately $44,000. AQR Capital Management LLC increased its position in shares of Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after purchasing an additional 22,289 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 buying an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Novagold Resources during the 1st quarter valued at $157,000. Finally, Goldman Sachs Group Inc. lifted its position in 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 buying an additional 210,631 shares during the last quarter. 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.