Novagold Resources (NYSEAMERICAN:NG) Trading Up 8.4% – Here’s Why

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares traded up 8.4% on Tuesday . The company traded as high as $8.74 and last traded at $8.7050. 649,512 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 4,175,764 shares. The stock had previously closed at $8.03.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Scotiabank assumed coverage on Novagold Resources in a research report on Friday, February 6th. They issued a “sector outperform” rating on the stock. B. Riley Financial boosted their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Canaccord Genuity Group started coverage on Novagold Resources in a research note on Friday. They issued a “speculative buy” rating and a $13.00 price objective on the stock. Finally, Royal Bank Of Canada decreased their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. Seven 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.13.

Novagold Resources Stock Up 9.3%

The firm has a 50-day simple moving average of $10.39 and a 200 day simple moving average of $9.59. The company has a market capitalization of $3.85 billion, a PE ratio of -35.02 and a beta of 0.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

Insider Buying and Selling

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the firm’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 acquisition, the director directly owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.39% of the company’s stock.

Institutional Trading of Novagold Resources

A number of hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new position in shares of Novagold Resources during the first quarter worth $44,000. AQR Capital Management LLC increased its stake in Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after buying an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after buying an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Novagold Resources in the 1st quarter worth $157,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Novagold Resources by 13.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after buying an additional 210,631 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.