Novagold Resources (NYSEAMERICAN:NG) Trading Up 7.5% – Time to Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shot up 7.5% during mid-day trading on Monday . The stock traded as high as $10.56 and last traded at $10.6530. 3,455,513 shares changed hands during mid-day trading, an increase of 23% from the average session volume of 2,815,958 shares. The stock had previously closed at $9.91.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NG. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. BMO Capital Markets began coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating on the stock. B. Riley upped their target price on shares of Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Zacks Research downgraded shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Finally, Citigroup upped their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.17.

Novagold Resources Stock Up 5.2%

The stock has a market cap of $4.24 billion, a P/E ratio of -41.72 and a beta of 0.83. The stock’s 50-day moving average is $9.70 and its 200-day moving average is $8.13. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources in the 1st quarter worth about $44,000. AQR Capital Management LLC grew its holdings in Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after acquiring an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Novagold Resources by 1.7% in the 1st 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 during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Novagold Resources in the 1st quarter valued at $157,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Novagold Resources by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares during the period. 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.