Novagold Resources (NYSEAMERICAN:NG) Raised to “Hold” at Zacks Research

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

NG has been the subject of a number of other reports. B. Riley Financial upped their price target 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. Royal Bank Of Canada lowered their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Canaccord Genuity Group began coverage on shares of Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 target price on the stock. Finally, Scotiabank started coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Novagold Resources Trading Up 11.8%

Shares of Novagold Resources stock opened at $8.98 on Monday. The business has a fifty day simple moving average of $10.36 and a 200-day simple moving average of $9.60. Novagold Resources has a fifty-two week low of $2.26 and a fifty-two week high of $14.40. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of -35.92 and a beta of 0.75. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insiders Place Their Bets

In other Novagold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this link. Insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp boosted its holdings in shares of Novagold Resources by 29.2% during the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after purchasing an additional 1,842,582 shares during the period. Vanguard Group Inc. grew its position in Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. Capital World Investors increased its stake in Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after buying an additional 2,000,000 shares during the period. Alps Advisors Inc. increased its stake in Novagold Resources by 32.7% in the 3rd quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock valued at $14,479,000 after buying an additional 405,843 shares during the period. Finally, CapWealth Advisors LLC purchased a new stake in Novagold Resources in the 3rd quarter worth approximately $616,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.