NovaGold Resources Inc. (NG) expanding its growth trajectory ahead

NovaGold Resources Inc. (AMEX: NG) stock jumped 0.49% on Monday to $4.11 against a previous-day closing price of $4.09. With 1.33 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.25 million shares. During the session, the Gold company that operates in wider Basic Materials sector, reached to the highest price of $4.1400 whereas the lowest price it dropped to was $4.0300. The 52-week range on NG shows that it touched its highest point at $6.98 and its lowest point at $3.84 during that stretch. It currently has a 1-year price target of $9.67. Beta for the stock currently stands at 0.81.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NG was up-trending over the past week, with a rise of 4.31%, but this was down by -0.48% over a month. Three-month performance dropped to -19.09% while six-month performance fell -28.77%. The stock lost -6.38% in the past year, while it has lost -31.27% so far this year. A look at the trailing 12-month EPS for NG yields -0.16 with Next year EPS estimates of -0.06.

Float and Shares Shorts:

At present, 334.01 million NG shares are outstanding with a float of 245.87 million shares on hand for trading. On Aug 30, 2023, short shares totaled 7.78 million, which was 2.33% higher than short shares on Jul 30, 2023. In addition to Mr. Gregory A. Lang as the firm’s Pres, CEO & Non-Independent Director, Mr. David A. Ottewell CA serves as its VP & CFO.

Institutional Ownership:

Through their ownership of 58.12% of NG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 36.37% of NG, in contrast to 30.75% held by mutual funds. Shares owned by individuals account for 21.55%. As the largest shareholder in NG with 7.16% of the stake, Fidelity Management & Research Co holds 23,910,507 shares worth 23,910,507. A second-largest stockholder of NG, Paulson & Co., Inc., holds 22,226,300 shares, controlling over 6.65% of the firm’s shares. First Eagle Investment Management is the third largest shareholder in NG, holding 18,666,286 shares or 5.59% stake. With a 5.31% stake in NG, the First Eagle Gold Fund is the largest stakeholder. A total of 17,740,710 shares are owned by the mutual fund manager. The VanEck Junior Gold Miners ETF, which owns about 2.33% of NG stock, is the second-largest Mutual Fund holder. It holds 7,786,832 shares valued at 32.08 million. Fidelity Contrafund holds 2.09% of the stake in NG, owning 6,970,078 shares worth 28.72 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NG since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With NG analysts setting a high price target of $10.00 and a low target of $6.00, the average target price over the next 12 months is $7.74. Based on these targets, NG could surge 143.31% to reach the target high and rise by 45.99% to reach the target low. Reaching the average price target will result in a growth of 88.32% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

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