NovaGold Resources (TSE:NG) Trading Down 3% - Should You Sell?

NovaGold Resources Inc. (TSE:NG - Get Free Report) was down 3% during trading on Wednesday . The stock traded as low as C$4.60 and last traded at C$4.60. Approximately 350,944 shares traded hands during mid-day trading, an increase of 110% from the average daily volume of 167,431 shares. The stock had previously closed at C$4.74.

Wall Street Analysts Forecast Growth

Separately, Citigroup raised NovaGold Resources to a "strong-buy" rating in a research report on Thursday, October 3rd.

NovaGold Resources Price Performance

The firm has a 50 day simple moving average of C$4.89 and a 200-day simple moving average of C$5.32. The stock has a market capitalization of C$1.51 billion, a price-to-earnings ratio of -23.74 and a beta of 1.07.

NovaGold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.