Novagold Resources (NYSEAMERICAN:NG) Trading Up 3.5% – Should You Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were up 3.5% during mid-day trading on Friday . The stock traded as high as $10.39 and last traded at $10.2870. Approximately 887,837 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 3,575,376 shares. The stock had previously closed at $9.94.

Wall Street Analysts Forecast Growth

NG has been the topic of a number of recent research reports. BMO Capital Markets started coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They set an “outperform” rating on the stock. B. Riley increased their target price on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Zacks Research cut shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Citigroup boosted their price target on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $10.17.

Novagold Resources Price Performance

The stock has a market cap of $4.17 billion, a P/E ratio of -41.12 and a beta of 0.81. The business has a 50 day simple moving average of $9.09 and a 200-day simple moving average of $7.26. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors have recently bought and sold shares of the company. Hantz Financial Services Inc. purchased a new position in shares of Novagold Resources during the 3rd quarter valued at $40,000. Shepherd Financial Partners LLC bought a new stake in Novagold Resources in the 2nd quarter valued at about $41,000. Quadrature Capital Ltd purchased a new stake in Novagold Resources during the second quarter valued at about $44,000. Cubist Systematic Strategies LLC bought a new position in Novagold Resources during the first quarter worth about $44,000. Finally, Abel Hall LLC purchased a new position in shares of Novagold Resources in the second quarter worth about $47,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.