Tudor Investment Corp ET AL Buys 510,253 Shares of Novagold Resources Inc. $NG

Tudor Investment Corp ET AL increased its stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 89.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,080,198 shares of the mining company’s stock after purchasing an additional 510,253 shares during the quarter. Tudor Investment Corp ET AL’s holdings in Novagold Resources were worth $9,506,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. bought 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 Novagold Resources in the 2nd quarter valued at $41,000. Quadrature Capital Ltd bought a new position in Novagold Resources in the 2nd quarter worth $44,000. Cubist Systematic Strategies LLC acquired a new position in Novagold Resources during the 1st quarter worth $44,000. Finally, Federated Hermes Inc. lifted its position in Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after acquiring an additional 1,610 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

Insider Activity

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of the stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the transaction, the director owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.39% of the company’s stock.

Novagold Resources Trading Down 1.9%

Shares of NG opened at $7.75 on Monday. Novagold Resources Inc. has a 12-month low of $2.26 and a 12-month high of $14.40. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of -31.00 and a beta of 0.74. The stock’s 50-day moving average price is $10.64 and its 200 day moving average price is $9.53.

Wall Street Analysts Forecast Growth

NG has been the topic of a number of recent analyst reports. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. B. Riley Financial raised their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Scotiabank assumed coverage on Novagold Resources in a research report on Friday, February 6th. They issued a “sector outperform” rating on the stock. Finally, Royal Bank Of Canada reduced their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $13.17.

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.