National Bank Financial slashes price target on Novagold Resources Inc. [NG] – find out why.

Novagold Resources Inc. [AMEX: NG] price surged by 5.24 percent to reach at $0.13. The company report on January 24, 2024 at 5:05 PM that NOVAGOLD Reports Fiscal Year 2023 Financial Results.

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The one-year NG stock forecast points to a potential upside of 61.95. The average equity rating for NG stock is currently 1.67, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $6.86 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 1.67. 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.

National Bank Financial have made an estimate for Novagold Resources Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 20, 2022. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price to Sector Perform. The new note on the price target was released on February 07, 2022, representing the official price target for Novagold Resources Inc. stock. Previously, the target price had yet another raise to $7, while B. Riley FBR Inc. analysts kept a Buy rating on NG stock.

NG Stock Performance Analysis:

Novagold Resources Inc. [NG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.24. With this latest performance, NG shares gained by 8.30% in over the last four-week period, additionally sinking by -33.59% over the last 6 months – not to mention a drop of -52.11% 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 51.39, with the RSI for the last a single of trading hit 61.87, and the three-weeks RSI is set at 45.81 for Novagold Resources Inc. [NG]. The present Moving Average for the last 50 days of trading for this stock 2.94, while it was recorded at 2.52 for the last single week of trading, and 3.86 for the last 200 days.

Insight into Novagold Resources Inc. Fundamentals:

Novagold Resources Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 32.57 and a Current Ratio set at 32.57.

NG Stock EPS

With the latest financial reports released by the company, Novagold Resources Inc. posted -0.03/share EPS, while the average EPS was predicted by analysts to be reported at -0.02/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -50.00%. 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.

Novagold Resources Inc. [NG] Institutonal Ownership Details

The top three institutional holders of NG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in NG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in NG stock with ownership which is approximately 5.8325%.