Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – Time to Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up before the market opened on Wednesday . The stock had previously closed at $10.44, but opened at $11.11. Novagold Resources shares last traded at $10.8330, with a volume of 1,468,155 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NG shares. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Citigroup boosted 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. BMO Capital Markets began coverage on shares of Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Finally, Scotiabank started coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Novagold Resources has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Price Performance

The company has a fifty day moving average of $9.86 and a 200-day moving average of $8.51. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a market cap of $4.90 billion, a PE ratio of -44.96 and a beta of 0.82.

Insider Buying and Selling

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the acquisition, the director directly owned 4,000 shares in the company, valued at $37,440. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.39% of the stock is owned by insiders.

Institutional Trading of Novagold Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of NG. Erste Asset Management GmbH purchased a new stake in Novagold Resources during the 4th quarter worth about $483,000. Los Angeles Capital Management LLC acquired a new stake in shares of Novagold Resources during the 4th quarter worth about $1,073,000. Cibc World Market Inc. lifted its stake in Novagold Resources by 35.7% during the fourth quarter. Cibc World Market Inc. now owns 133,348 shares of the mining company’s stock worth $1,243,000 after purchasing an additional 35,090 shares during the last quarter. TD Asset Management Inc boosted its holdings in Novagold Resources by 77.5% in the fourth quarter. TD Asset Management Inc now owns 1,607,877 shares of the mining company’s stock valued at $15,014,000 after purchasing an additional 701,902 shares in the last quarter. Finally, Greenwich Wealth Management LLC purchased a new position in Novagold Resources in the fourth quarter valued at approximately $18,640,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.