Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 10.7% on Insider Buying Activity

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price traded up 10.7% during mid-day trading on Monday after an insider bought additional shares in the company. The stock traded as high as $10.16 and last traded at $10.1750. 2,399,720 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 4,226,674 shares. The stock had previously closed at $9.19.

Specifically, Director Dawn Patricia Whittaker bought 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was acquired at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

Several analysts have recently commented on NG shares. Citigroup raised their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Zacks Research cut shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. BMO Capital Markets initiated coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating on the stock. B. Riley Financial boosted their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Finally, National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Stock Up 9.3%

The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average price of $9.85 and a two-hundred day moving average price of $8.44. The company has a market cap of $4.09 billion, a price-to-earnings ratio of -40.51 and a beta of 0.82.

Institutional Investors Weigh In On Novagold Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources in the first quarter valued at $44,000. AQR Capital Management LLC lifted its position in Novagold Resources by 103.9% in the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after acquiring an additional 22,289 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after purchasing an additional 4,896 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Novagold Resources during the first quarter valued at approximately $157,000. Finally, Goldman Sachs Group Inc. grew its holdings in Novagold Resources by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after buying an additional 210,631 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.