Market Analysts see NovaGold Resources Inc. [NG] gaining to $7. Time to buy?

NovaGold Resources Inc. [AMEX: NG] loss -4.57% on the last trading session, reaching $10.44 price per share at the time. The company report on October 26, 2020 that Donlin Gold 2020 Q3 Update: Drilling Continues to Yield High Grade Intercepts and Improve Geological Modeling.

Donlin Gold LLC, owned 50/50 by Barrick Gold Corporation (“Barrick”) (TSX: ABX) (NYSE: GOLD) and NOVAGOLD RESOURCES INC. (“NOVAGOLD”) (TSX, NYSE American: NG), is pleased to announce the successful completion of its 2020 85-hole drilling program totaling approximately 23,400 meters. The holes were drilled in both the ACMA and Lewis deposit areas of the Donlin Gold project.

Assay results for the first 25 holes (representing 30% of the length drilled) have been received to date, of which nine were previously released to the market on August 6.

NovaGold Resources Inc. represents 329.60 million in outstanding shares, while the company has a total market value of $3.44 billion with the latest information. NG stock price has been found in the range of $10.44 to $10.92.

If compared to the average trading volume of 1.73M shares, NG reached a trading volume of 1460884 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about NovaGold Resources Inc. [NG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NG shares is $7.25 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NG stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

B. Riley FBR Inc. have made an estimate for NovaGold Resources Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 19, 2017. The new note on the price target was released on September 27, 2016, representing the official price target for NovaGold Resources Inc. stock. Previously, the target price had yet another drop from $16 to $11, while RBC Capital Mkts kept a Sector Perform rating on NG stock. On January 21, 2011, analysts increased their price target for NG shares from 9 to 16.

The Average True Range (ATR) for NovaGold Resources Inc. is set at 0.42 The Price to Book ratio for the last quarter was 29.83, with the Price to Cash per share for the same quarter was set at 0.38.

Trading performance analysis for NG stock

NovaGold Resources Inc. [NG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.97. With this latest performance, NG shares dropped by -4.04% in over the last four-week period, additionally sinking by -7.69% over the last 6 months – not to mention a rise of 51.74% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NG stock in for the last two-week period is set at 43.01, with the RSI for the last a single of trading hit 40.05, and the three-weeks RSI is set at 46.00 for NovaGold Resources Inc. [NG]. The present Moving Average for the last 50 days of trading for this stock 11.06, while it was recorded at 10.81 for the last single week of trading, and 9.81 for the last 200 days.

NovaGold Resources Inc. [NG]: A deeper dive into fundamental analysis

NovaGold Resources Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 63.20 and a Current Ratio set at 63.20.

NovaGold Resources Inc. [NG]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, NovaGold Resources Inc. posted -0.02/share EPS, while the average EPS was predicted by analysts to be reported at -0.02/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NG.

An analysis of insider ownership at NovaGold Resources Inc. [NG]

There are presently around $1,691 million, or 51.80% of NG stock, in the hands of institutional investors. The top three institutional holders of NG stocks are: FMR LLC with ownership of 24,697,544, which is approximately 0.214% of the company’s market cap and around 0.40% of the total institutional ownership; PAULSON & CO. INC., holding 22,226,300 shares of the stock with an approximate value of $232.04 million in NG stocks shares; and BLACKROCK INC., currently with $141.87 million in NG stock with ownership of nearly 4.822% of the company’s market capitalization.

75 institutional holders increased their position in NovaGold Resources Inc. [AMEX:NG] by around 28,811,649 shares. Additionally, 101 investors decreased positions by around 21,317,912 shares, while 43 investors held positions by with 111,884,290 shares. The mentioned changes placed institutional holdings at 162,013,851 shares, according to the latest SEC report filing. NG stock had 20 new institutional investments in for a total of 20,741,923 shares, while 32 institutional investors sold positions of 11,356,828 shares during the same period.

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