NovaGold Resources (TSE:NG) Shares Down 2.6% – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NG. Citigroup raised NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd. National Bank Financial cut NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, National Bankshares cut NovaGold Resources from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from C$6.50 to C$7.00 in a report on Thursday, July 25th.

NovaGold Resources Stock Performance

The company has a 50 day simple moving average of C$5.18 and a 200 day simple moving average of C$5.25. The company has a market capitalization of C$1.60 billion, a PE ratio of -25.16 and a beta of 1.07.

NovaGold Resources (TSE:NG) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported C($0.04) EPS for the quarter.

About NovaGold Resources

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.