Novagold Resources (NYSEAMERICAN:NG) Now Covered by Scotiabank

Scotiabank started coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a report released on Friday, Marketbeat reports. The firm issued a sector outperform rating on the mining company’s stock.

A number of other equities analysts also recently commented on NG. BMO Capital Markets began coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating for the company. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Citigroup raised their target price 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. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, B. Riley Financial 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 equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Stock Up 10.7%

NYSEAMERICAN:NG opened at $9.19 on Friday. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $12.09. The stock has a 50-day moving average price of $9.85 and a two-hundred day moving average price of $8.41. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -36.76 and a beta of 0.82. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Activity

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was purchased at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.88% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Large investors have recently bought and sold shares of the stock. Torren Management LLC bought a new stake in shares of Novagold Resources in the 4th quarter worth approximately $27,000. Leonteq Securities AG purchased a new position in shares of Novagold Resources during the 4th quarter valued at about $38,000. Hantz Financial Services Inc. purchased a new stake in Novagold Resources during the third quarter valued at about $40,000. TD Waterhouse Canada Inc. grew its holdings in shares of Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after purchasing an additional 1,610 shares during the period. 57.56% of the stock is currently owned by institutional investors.

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.