Investors Buy Large Volume of Novagold Resources Call Options (NYSEAMERICAN:NG)

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was the target of unusually large options trading on Friday. Traders purchased 20,243 call options on the stock. This represents an increase of 765% compared to the typical daily volume of 2,341 call options.

Institutional Trading of Novagold Resources

A number of hedge funds have recently modified their holdings of the business. Versant Capital Management Inc grew its position in shares of Novagold Resources by 44.1% in the 3rd quarter. Versant Capital Management Inc now owns 7,779 shares of the mining company’s stock worth $51,000 after buying an additional 2,380 shares during the period. Squarepoint Ops LLC purchased a new position in Novagold Resources during the 2nd quarter valued at about $676,000. Corient Private Wealth LP purchased a new position in Novagold Resources during the 2nd quarter valued at about $907,000. Groupe la Francaise boosted its stake in Novagold Resources by 23.1% during the second quarter. Groupe la Francaise now owns 400,000 shares of the mining company’s stock worth $2,393,000 after acquiring an additional 75,000 shares in the last quarter. Finally, AlphaGrep UK Ltd bought a new stake in Novagold Resources during the second quarter worth about $66,000. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Up 1.0%

NG traded up $0.07 on Friday, hitting $6.49. The company had a trading volume of 2,192,528 shares, compared to its average volume of 4,349,834. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82. Novagold Resources has a 52-week low of $5.07 and a 52-week high of $14.40. The stock has a fifty day simple moving average of $7.49 and a 200-day simple moving average of $7.75. The firm has a market capitalization of $2.85 billion, a P/E ratio of -38.20 and a beta of 0.95.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. As a group, equities analysts expect that Novagold Resources will post -0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on NG. Morgan Stanley lowered their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. B. Riley Financial started coverage on shares of Novagold Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $12.42.

Novagold Resources Company Profile

Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation.

Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold.