NovaGold Resources (TSE:NG) Shares Down 2.6% – What’s Next?

NovaGold Resources Inc. (TSE:NG) was down 2.6% during trading on Friday . The company traded as low as C$4.67 and last traded at C$4.78. Approximately 223,700 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 245,290 shares. The stock had previously closed at C$4.91.

Analysts Set New Price Targets

A number of research analysts have commented on NG shares. Citigroup upgraded NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd. National Bankshares downgraded NovaGold Resources from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from C$6.50 to C$7.00 in a research note on Thursday, July 25th. Finally, National Bank Financial downgraded NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th.

NovaGold Resources Stock Down 2.6 %

The business has a 50-day simple moving average of C$5.18 and a two-hundred day simple moving average of C$5.26. The company has a market cap of C$1.60 billion, a price-to-earnings ratio of -25.16 and a beta of 1.07.

NovaGold Resources (TSE:NG) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported C($0.04) earnings per share for the quarter.

NovaGold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.