Electrum Group LLC Acquires New Holdings in Novagold Resources Inc. $NG

Electrum Group LLC acquired a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 92,902,813 shares of the mining company’s stock, valued at approximately $865,854,000. Novagold Resources comprises approximately 75.5% of Electrum Group LLC’s investment portfolio, making the stock its largest holding. Electrum Group LLC owned approximately 0.21% of Novagold Resources at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NG. Cubist Systematic Strategies LLC purchased a new position in Novagold Resources during the first quarter valued at approximately $44,000. AQR Capital Management LLC grew its stake in Novagold Resources by 103.9% during the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after acquiring an additional 22,289 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after acquiring an additional 4,896 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources during the first quarter valued at approximately $157,000. Finally, Goldman Sachs Group Inc. grew its stake in Novagold Resources by 13.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after buying an additional 210,631 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Price Performance

NG stock opened at $7.18 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72. Novagold Resources Inc. has a one year low of $3.61 and a one year high of $14.40. The stock has a market cap of $3.15 billion, a PE ratio of -27.62 and a beta of 0.77. The firm has a 50 day simple moving average of $8.69 and a two-hundred day simple moving average of $9.61.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Royal Bank Of Canada cut their price target 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. Finally, Morgan Stanley assumed coverage on shares of Novagold Resources in a research note on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target for the company. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.26.

Novagold Resources 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.