Novagold Resources (NYSEAMERICAN:NG) Shares Up 11.9% After Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was up 11.9% on Wednesday after Scotiabank upgraded the stock to a strong-buy rating. The company traded as high as $8.85 and last traded at $8.8720. Approximately 2,125,221 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 3,824,101 shares. The stock had previously closed at $7.93.

A number of other analysts have also commented on the stock. Royal Bank Of Canada reduced their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Morgan Stanley started coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target for the company. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price on the stock. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, B. Riley Financial lifted their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Novagold Resources has a consensus rating of “Buy” and an average price target of $13.26.

Hedge Funds Weigh In On Novagold Resources

Hedge funds have recently added to or reduced their stakes in the company. Torren Management LLC acquired a new stake in Novagold Resources in the fourth quarter valued at approximately $27,000. Leonteq Securities AG acquired a new position in shares of Novagold Resources during the 4th quarter worth $38,000. Hantz Financial Services Inc. bought a new position in shares of Novagold Resources during the 3rd quarter valued at $40,000. Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources during the 1st quarter valued at $44,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Novagold Resources in the 4th quarter valued at $47,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Price Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72. The stock has a market capitalization of $3.84 billion, a P/E ratio of -33.65 and a beta of 0.76. The stock’s fifty day moving average is $9.80 and its 200-day moving average is $9.65.

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.