Novagold Resources (NYSEAMERICAN:NG) Trading 9.8% Higher – Still a Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares shot up 9.8% on Wednesday . The stock traded as high as $7.01 and last traded at $6.95. 2,443,930 shares were traded during mid-day trading, a decline of 39% from the average session volume of 4,027,923 shares. The stock had previously closed at $6.33.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. B. Riley Financial began coverage on Novagold Resources in a research note on Monday. They issued a “buy” rating and a $9.00 target price for the company. Morgan Stanley reduced their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Finally, Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $12.42.

Novagold Resources Price Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82. The business’s fifty day moving average price is $6.69 and its 200-day moving average price is $8.67. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -40.38 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. On average, research analysts forecast that Novagold Resources Inc. will post -0.13 EPS for the current year.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently modified their holdings of NG. Cetera Investment Advisers boosted its position in shares of Novagold Resources by 2.7% during the fourth quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock valued at $431,000 after buying an additional 1,235 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock valued at $652,000 after buying an additional 1,299 shares during the last quarter. Sprott Inc. lifted its stake in Novagold Resources by 12.7% during the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after acquiring an additional 1,400 shares in the last quarter. Cooper Financial Group lifted its stake in Novagold Resources by 9.5% during the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock valued at $179,000 after acquiring an additional 2,594 shares in the last quarter. Finally, Investment Management Corp of Ontario boosted its holdings in Novagold Resources by 18.6% during the 2nd quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after acquiring an additional 2,900 shares during the last quarter. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.