Why Novagold Resources Inc. (AMEX: NG) Stock Should Not Be Taken For Granted By Investors In 2024


In the last trading session, 2.72 million shares of the Novagold Resources Inc. (AMEX:NG) were traded, and its beta was 1.05. Most recently the company’s share price was $3.00, and it changed around $0.24 or 8.70% from the last close, which brings the market valuation of the company to $1.00B. NG currently trades at a discount to its 52-week high of $6.68, offering almost -122.67% off that amount. The share price’s 52-week low was $2.22, which indicates that the current value has risen by an impressive 26.0% since then. We note from Novagold Resources Inc.’s average daily trading volume that its 10-day average is 2.08 million shares, with the 3-month average coming to 2.42 million.

Novagold Resources Inc. stock received a consensus recommendation rating of Buy, based on a mean score of 1.67. If we narrow it down even further, the data shows that 0 out of 1 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended NG as a Hold, whereas 1 deemed it a Buy, and 0 rated it as Underweight. Novagold Resources Inc. is expected to report earnings per share of -$0.02 for the current quarter.

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Novagold Resources Inc. (AMEX:NG) trade information

Instantly NG has showed a green trend with a performance of 8.70% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -19.79% year-to-date, but still up 11.11% over the last five days. On the other hand, Novagold Resources Inc. (AMEX:NG) is 28.76% up in the 30-day period. We can see from the shorts that 9.74 million shares have been sold at a short interest cover period of 3.82 day(s).

The consensus price target as assigned by Wall Street analysts is $5.25, which translates to bulls needing to increase their stock price by 42.86% from its current value. Analyst projections state that NG is forecast to be at a low of $5.25 and a high of $5.25.

Novagold Resources Inc. (NG) estimates and forecasts

Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 33.30% in revenue this quarter, and will report an increase of 50.00% in the next quarter.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -6.70%.

NG Dividends

Novagold Resources Inc.’s next quarterly earnings report is expected to be released around April 02 and April 08.

Novagold Resources Inc. (AMEX:NG)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 26.48% of Novagold Resources Inc. shares, and 58.66% of them are in the hands of institutional investors. The stock currently has a share float of 79.79%. Novagold Resources Inc. stock is held by 248 institutions, with FMR, LLC being the largest institutional investor. By Jun 29, 2023, it held 7.21% of the shares, which is about 24.09 million shares worth $96.14 million.

Paulson & Company, Inc., with 6.65% or 22.23 million shares worth $88.68 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

First Eagle Gold Fund and VanEck ETF Trust-VanEck Junior Gold Miners ETF were the top two Mutual Funds as of Jul 30, 2023. The former held 17.74 million shares worth $80.01 million, making up 5.31% of all outstanding shares. On the other hand, VanEck ETF Trust-VanEck Junior Gold Miners ETF held roughly 8.46 million shares worth around $32.47 million, which represents about 2.53% of the total shares outstanding.