Novagold Resources (NYSEAMERICAN:NG) Sets New 52-Week High – Here’s Why

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) reached a new 52-week high during trading on Wednesday . The stock traded as high as $12.11 and last traded at $12.0550, with a volume of 1293835 shares trading hands. The stock had previously closed at $11.67.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NG shares. Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Scotiabank assumed coverage on shares of Novagold Resources in a research report on Friday, February 6th. They issued a “sector outperform” rating on the stock. BMO Capital Markets began coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating on the stock. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Finally, B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Stock Up 1.7%

The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. The company’s 50-day moving average price is $10.10 and its 200 day moving average price is $8.89. The stock has a market capitalization of $5.20 billion, a P/E ratio of -47.86 and a beta of 0.82.

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker acquired 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at approximately $37,440. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers lifted its stake in shares of Novagold Resources by 2.7% during the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock worth $431,000 after acquiring an additional 1,235 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in Novagold Resources by 5.4% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after acquiring an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Novagold Resources by 1.8% in the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after purchasing an additional 1,299 shares during the period. Sprott Inc. lifted its position in shares of Novagold Resources by 12.7% during the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock worth $116,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after purchasing an additional 1,610 shares during the last quarter. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.