Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Average Rating of “Moderate Buy” from Brokerages

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has received a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $13.26.

Several analysts recently weighed in on NG shares. Scotiabank started coverage on Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. Morgan Stanley started coverage on Novagold Resources in a research note on Thursday, April 9th. They set an “overweight” rating and a $13.80 target price for the company. B. Riley Financial increased their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Zacks Research raised Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Royal Bank Of Canada cut their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, March 19th.

Insider Buying and Selling

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the business’s stock in a transaction on 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 acquisition, the director directly owned 4,000 shares in the company, valued at approximately $37,440. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 1.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Novagold Resources

Several large investors have recently added to or reduced their stakes in NG. Van ECK Associates Corp raised its holdings in shares of Novagold Resources by 29.2% in the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after buying an additional 1,842,582 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Novagold Resources by 23.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after buying an additional 2,815,780 shares in the last quarter. Capital World Investors raised its holdings in shares of Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after buying an additional 2,000,000 shares in the last quarter. Alps Advisors Inc. raised its holdings in shares of Novagold Resources by 32.7% in the 3rd quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock worth $14,479,000 after buying an additional 405,843 shares in the last quarter. Finally, CapWealth Advisors LLC acquired a new position in shares of Novagold Resources in the 3rd quarter worth approximately $616,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $7.95 on Tuesday. The business has a 50 day moving average price of $9.96 and a 200 day moving average price of $9.69. Novagold Resources has a twelve month low of $3.37 and a twelve month high of $14.40. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -30.58 and a beta of 0.76. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38.

About Novagold Resources

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.