Novagold Resources (NYSEAMERICAN:NG) Shares Up 10% – Time to Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares rose 10% on Monday . The stock traded as high as $8.52 and last traded at $8.5250. Approximately 1,514,303 shares were traded during trading, a decline of 64% from the average daily volume of 4,198,248 shares. The stock had previously closed at $7.75.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NG. B. Riley Financial boosted their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Scotiabank initiated coverage on Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. Royal Bank Of Canada lowered their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Novagold Resources currently has an average rating of “Moderate Buy” and a consensus price target of $13.17.

Novagold Resources Price Performance

The company has a market cap of $3.56 billion, a price-to-earnings ratio of -32.51 and a beta of 0.74. The company’s 50 day moving average price is $10.64 and its 200 day moving average price is $9.53. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Buying and Selling

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of Novagold Resources stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.39% of the stock is currently owned by insiders.

Institutional Trading of Novagold Resources

Several hedge funds have recently modified their holdings of the business. Cetera Investment Advisers raised its holdings in Novagold Resources by 2.7% during the fourth quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock worth $431,000 after purchasing an additional 1,235 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in Novagold Resources by 5.4% in the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after purchasing an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings 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 valued at $652,000 after purchasing an additional 1,299 shares during the last quarter. Sprott Inc. increased its position in shares of Novagold Resources by 12.7% in the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after buying an additional 1,400 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Novagold Resources by 35.4% in the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after buying an additional 1,610 shares in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

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.