Novagold Resources (NYSEAMERICAN:NG) Upgraded to “Moderate Buy” at Canaccord Genuity Group

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by equities research analysts at Canaccord Genuity Group to a “moderate buy” rating in a report released on Thursday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Zacks Research lowered shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Scotiabank assumed coverage on Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial raised their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Finally, Royal Bank Of Canada decreased their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Novagold Resources has a consensus rating of “Moderate Buy” and a consensus price target of $13.13.

Novagold Resources Stock Performance

Shares of NG opened at $8.19 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The firm’s 50 day moving average is $10.43 and its 200-day moving average is $9.54. Novagold Resources has a 12-month low of $2.26 and a 12-month high of $14.40. The stock has a market capitalization of $3.59 billion, a P/E ratio of -32.76 and a beta of 0.75.

Insider Activity at Novagold Resources

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at approximately $37,440. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Novagold Resources

Hedge funds have recently made changes to their positions in the company. Electrum Group LLC purchased a new stake in shares of Novagold Resources in the fourth quarter valued at $865,854,000. Lingotto Investment Management LLP grew its holdings in shares of Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after buying an additional 13,180,065 shares in the last quarter. Vanguard Group Inc. raised its position in Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after buying an additional 2,815,780 shares during the period. UBS Group AG raised its position in Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after buying an additional 2,443,511 shares during the period. Finally, Bank of America Corp DE lifted its stake in Novagold Resources by 520.9% in the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after acquiring an additional 2,438,052 shares in the last quarter. Hedge funds and other 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.