NovaGold Resources (TSE:NG) Stock Price Down 10.4% – What’s Next?

NovaGold Resources Inc. (TSE:NG)’s stock price was down 10.4% during mid-day trading on Thursday . The stock traded as low as C$5.02 and last traded at C$5.06. Approximately 130,232 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 239,350 shares. The stock had previously closed at C$5.65.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NG shares. National Bankshares cut shares of NovaGold Resources from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from C$6.50 to C$7.00 in a report on Thursday, July 25th. National Bank Financial lowered NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th.

NovaGold Resources Trading Down 5.3 %

The company’s 50-day moving average is C$5.81 and its 200 day moving average is C$5.08. The firm has a market cap of C$1.56 billion, a PE ratio of -27.47 and a beta of 1.07.

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.