Insider Buying: Novagold Resources (NYSEAMERICAN:NG) Director Buys 4,000 Shares of Stock

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) Director Dawn Patricia Whittaker purchased 4,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the acquisition, the director directly owned 4,000 shares in the company, valued at $37,440. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG traded up $0.85 during midday trading on Friday, reaching $9.15. 3,576,909 shares of the stock traded hands, compared to its average volume of 4,160,472. The company’s 50 day moving average is $9.87 and its 200 day moving average is $8.38. Novagold Resources Inc. has a one year low of $2.26 and a one year high of $12.09. The stock has a market capitalization of $3.72 billion, a PE ratio of -36.62 and a beta of 0.82. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Torren Management LLC purchased a new position in shares of Novagold Resources during the fourth quarter worth about $27,000. Leonteq Securities AG acquired a new stake in Novagold Resources during the 4th quarter worth approximately $38,000. Hantz Financial Services Inc. acquired a new position in shares of Novagold Resources in the third quarter valued at approximately $40,000. Shepherd Financial Partners LLC acquired a new position in shares of Novagold Resources in the second quarter valued at approximately $41,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Novagold Resources during the second quarter worth approximately $44,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NG shares. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. BMO Capital Markets began coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They set an “outperform” rating on the stock. Citigroup raised their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, B. Riley increased their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.83.

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.