Morgan Stanley Issues Pessimistic Forecast for Novagold Resources (NYSEAMERICAN:NG) Stock Price

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price target cut by investment analysts at Morgan Stanley from $13.60 to $13.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the mining company’s stock. Morgan Stanley’s price target would indicate a potential upside of 103.89% from the company’s previous close.

Separately, B. Riley Financial assumed coverage on Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Novagold Resources currently has a consensus rating of “Buy” and an average target price of $12.30.

Novagold Resources Price Performance

Shares of NG traded down $0.24 on Wednesday, hitting $6.38. The company’s stock had a trading volume of 754,355 shares, compared to its average volume of 4,340,421. The company has a market capitalization of $2.80 billion, a PE ratio of -37.56 and a beta of 0.95. Novagold Resources has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The company has a 50 day moving average price of $7.53 and a 200 day moving average price of $7.69. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. On average, research analysts anticipate that Novagold Resources will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of Novagold Resources

Several hedge funds have recently modified their holdings of the stock. CapWealth Advisors LLC lifted its holdings in Novagold Resources by 13.4% during the 3rd quarter. CapWealth Advisors LLC now owns 509,193 shares of the mining company’s stock worth $3,310,000 after buying an additional 60,203 shares in the last quarter. Versant Capital Management Inc boosted its position in Novagold Resources by 44.1% in the 3rd quarter. Versant Capital Management Inc now owns 7,779 shares of the mining company’s stock valued at $51,000 after buying an additional 2,380 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Novagold Resources in the 2nd quarter valued at $676,000. Corient Private Wealth LP bought a new stake in shares of Novagold Resources during the second quarter worth $907,000. Finally, Groupe la Francaise raised its position in shares of Novagold Resources by 23.1% during the second quarter. Groupe la Francaise now owns 400,000 shares of the mining company’s stock worth $2,393,000 after acquiring an additional 75,000 shares during the last quarter. 57.56% of the stock is owned by institutional investors.

About Novagold Resources

Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation.

Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold.