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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $8.08, but opened at $8.66. Novagold Resources shares last traded at $8.2750, with a volume of 781,986 shares.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NG. Scotiabank began coverage on Novagold Resources in a report on Friday, February 6th. They set a “sector outperform” rating for the company. Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Royal Bank Of Canada reduced their price target on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Finally, B. Riley Financial upped their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.17.

Novagold Resources Trading Down 5.8%

The firm has a market cap of $3.39 billion, a price-to-earnings ratio of -30.92 and a beta of 0.75. The company has a fifty day moving average price of $10.46 and a 200-day moving average price of $9.53. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Activity at Novagold Resources

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average price of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director directly owned 4,000 shares of the company’s stock, valued at $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.88% of the stock is owned by insiders.

Institutional Trading of Novagold Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in Novagold Resources in the fourth quarter valued at $27,000. Leonteq Securities AG purchased a new stake in shares of Novagold Resources during the 4th quarter worth about $38,000. Hantz Financial Services Inc. purchased a new stake in shares of Novagold Resources during the 3rd quarter worth about $40,000. Shepherd Financial Partners LLC acquired a new stake in shares of Novagold Resources during the 2nd quarter valued at about $41,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Novagold Resources during the 2nd quarter valued at about $44,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.