Will Novagold Resources Inc. (AMEX: NG) Stock Boom Or Bust From Here?

During the last session, Novagold Resources Inc. (AMEX:NG)’s traded shares were 2.58 million, with the beta value of the company hitting 1.06. At the end of the trading day, the stock’s price was $3.31, reflecting an intraday gain of 2.80% or $0.09. The 52-week high for the NG share is $6.68, that puts it down -101.81 from that peak though still a striking 32.93% gain since the share price plummeted to a 52-week low of $2.22. The company’s market capitalization is $1.11B, and the average intraday trading volume over the past 10 days was 2.13 million shares, and the average trade volume was 2.47 million shares over the past three months.

Novagold Resources Inc. (AMEX:NG) trade information

Novagold Resources Inc. (NG) registered a 2.80% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 2.80% in intraday trading to $3.31, hitting a weekly high. The stock’s 5-day price performance is 22.14%, and it has moved by 32.93% in 30 days. Based on these gigs, the overall price performance for the year is -46.78%. The short interest in Novagold Resources Inc. (AMEX:NG) is 9.74 million shares and it means that shorts have 3.82 day(s) to cover.

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Novagold Resources Inc. (NG) estimates and forecasts

Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to grow 33.30% this quarter and then jump 50.00% in the quarter after that.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -6.70%. While earnings are projected to return 42.86% in 2024.

NG Dividends

Novagold Resources Inc. is due to release its next quarterly earnings between April 02 and April 08. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

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

Novagold Resources Inc. insiders own 26.44% of total outstanding shares while institutional holders control 58.63%, with the float percentage being 79.70%. FMR, LLC is the largest shareholder of the company, while 246 institutions own stock in it. As of Jun 29, 2023, the company held over 24.09 million shares (or 7.21% of all shares), a total value of $96.14 million in shares.

The next largest institutional holding, with 22.23 million shares, is of Paulson & Company, Inc.’s that is approximately 6.65% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $88.68 million.

Also, the Mutual Funds coming in first place with the largest holdings of Novagold Resources Inc. (NG) shares are First Eagle Gold Fund and VanEck ETF Trust-VanEck Junior Gold Miners ETF. Data provided on Jul 30, 2023 indicates that First Eagle Gold Fund owns about 17.74 million shares. This amounts to just over 5.31 percent of the company’s overall shares, with a $80.01 million market value. The same data shows that the other fund manager holds slightly less at 8.46 million, or about 2.53% of the stock, which is worth about $32.47 million.