Novagold Resources Inc. (AMEX:NG) Stock Is up 44.94% From Its Low, This Stock Is Just Warming Up

The trading price of Novagold Resources Inc. (AMEX:NG) floating higher at last check on Tuesday, April 02, closing at $3.22, 2.06% higher than its previous close.

In examining the 52-week price action we see that the stock hit a 52-week high of $6.68 and a 52-week low of $2.22. Over the past month, the stock has gained 29.52% in value.

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Novagold Resources Inc., whose market valuation is $1.08 billion at the time of this writing, is expected to release its quarterly earnings report Apr 03, 2024. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.02 per share this quarter, however they have predicted annual earnings per share of -$0.08 for 2024 and -$0.08 for 2025. It means analysts are expecting annual earnings per share growth of 42.90%.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Novagold Resources Inc. No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest NG has a Hold on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently 100% Sell.

A quick review shows that NG’s price is currently 20.90% off the SMA20 and 22.49% off the SMA50. The RSI metric on the 14-day chart is currently showing 69.45, and weekly volatility stands at 5.90%. When measured over the past 30 days, the indicator reaches 5.77%. Novagold Resources Inc. (AMEX:NG)’s beta value is currently sitting at 1.07, while the Average True Range indicator is currently displaying 0.16.

To see how Novagold Resources Inc. stock has been performing today in comparison to its peers in the industry, here are the numbers: NG stock’s performance was 2.06% at last check in today’s session, and -48.48% in the past year.

An evaluation of the daily trading volume of Novagold Resources Inc. (AMEX:NG) indicates that the 3-month average is 2.46 million. However, this figure has increased over the past 10 days to an average of 1.88 million.

Currently, records show that 334.25 million of the company’s shares remain outstanding. The insiders hold 31.46% of outstanding shares, whereas institutions hold 52.88%. The stats also highlight that short interest as of Mar 15, 2024, stood at 9.74 million shares, resulting in a short ratio of 3.82 at that time. From this, we can conclude that short interest is 2.91% of the company’s total outstanding shares. It is noteworthy that short shares in March were up slightly from the previous month’s figure, which was 9.49 million. However, since the stock’s price has seen -13.77% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.