Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 8.4% Following Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price was up 8.4% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $8.74 and last traded at $8.7050. Approximately 649,512 shares traded hands during trading, a decline of 84% from the average daily volume of 4,175,764 shares. The stock had previously closed at $8.03.

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

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was bought 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 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 document filed with the SEC, which can be accessed through this link. 2.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Novagold Resources

Hedge funds have recently added to or reduced their stakes in the stock. Electrum Group LLC purchased a new stake in shares of Novagold Resources in the fourth quarter worth approximately $865,854,000. Lingotto Investment Management LLP grew its holdings in Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after buying an additional 13,180,065 shares in the last quarter. Kopernik Global Investors LLC raised its position in Novagold Resources by 2.8% in the 2nd quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock valued at $78,181,000 after buying an additional 523,479 shares during the last quarter. Capital World Investors lifted its stake in Novagold Resources by 12.8% during the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after acquiring an additional 2,000,000 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Novagold Resources by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock valued at $137,647,000 after acquiring an additional 173,474 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Stock Up 4.2%

The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $4.11 billion, a PE ratio of -37.44 and a beta of 0.90. The stock’s fifty day simple moving average is $10.35 and its 200-day simple moving average is $9.60.

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.