Novagold Resources Inc. (AMEX:NG) shares, rose in value, with the stock price up by 6.18% to the previous day’s close as strong demand from buyers drove the stock to $2.75.
Actively observing the price movement in the last trading, the stock closed the session at $2.59. The value of beta (5-year monthly) was 0.82. Referring to stock’s 52-week performance, its high was $6.68, and the low was $2.22. On the whole, NG has fluctuated by 13.17% over the past month.
With the market capitalization of Novagold Resources Inc. currently standing at about $919.52 million, investors are eagerly awaiting this quarter’s results, scheduled for Apr 02, 2024 – Apr 08, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.02, which is expected to increase to -$0.02 for fiscal year -$0.08 and then to about -$0.08 by fiscal year 2025.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that NG’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NG currently trading nearly 11.25% and -2.30% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 57.73, while the 7-day volatility ratio is showing 5.85% which for the 30-day chart, stands at 5.38%. Furthermore, Novagold Resources Inc. (NG)’s beta value is 1.04, and its average true range (ATR) is 0.15.
A comparison of Novagold Resources Inc. (NG) with its peers suggests the former has fared considerably weaker in the market. NG showed an intraday change of 6.18% in last session, and over the past year, it shrunk by -50.89%%.
Data on historical trading for Novagold Resources Inc. (AMEX:NG) indicates that the trading volumes over the past 10 days have averaged 2.59 million and over the past 3 months, they’ve averaged 2.45 million. According to company’s latest data on outstanding shares, there are 334.25 million shares outstanding.
Nearly 31.44% of Novagold Resources Inc.’s shares belong to company insiders and institutional investors own 52.57% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 10.07 million shares as on Feb 29, 2024, resulting in a short ratio of 4.28. According to the data, the short interest in Novagold Resources Inc. (NG) stood at 3.01% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 9.26 million. The stock has fallen by -26.47% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NG stock heading into the next quarter.
