Greenwich Wealth Management LLC Invests $18.64 Million in Novagold Resources Inc. $NG

Greenwich Wealth Management LLC purchased a new position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,000,001 shares of the mining company’s stock, valued at approximately $18,640,000. Novagold Resources comprises 0.8% of Greenwich Wealth Management LLC’s investment portfolio, making the stock its 23rd largest position.

A number of other hedge funds have also recently made changes to their positions in the stock. Ameritas Investment Partners Inc. grew its holdings in shares of Novagold Resources by 5.4% in the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after purchasing an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Novagold Resources by 1.8% in the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after purchasing an additional 1,299 shares during the last quarter. Federated Hermes Inc. grew its holdings 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 in the last quarter. Investment Management Corp of Ontario grew 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 in the last quarter. Finally, Allworth Financial LP grew its holdings in Novagold Resources by 18.5% during the 3rd quarter. Allworth Financial LP now owns 18,747 shares of the mining company’s stock worth $165,000 after acquiring an additional 2,932 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NG shares. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Canaccord Genuity Group started coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price on the stock. Morgan Stanley started coverage on shares of Novagold Resources in a report on Thursday, April 9th. They set an “overweight” rating and a $13.80 target price on the stock. Finally, Royal Bank Of Canada dropped their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. One equities 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 data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $13.26.

Novagold Resources Stock Up 0.6%

NYSEAMERICAN:NG opened at $8.38 on Wednesday. Novagold Resources Inc. has a fifty-two week low of $3.61 and a fifty-two week high of $14.40. The stock has a market capitalization of $3.68 billion, a P/E ratio of -32.23 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. The company’s 50-day simple moving average is $8.73 and its 200-day simple moving average is $9.65.

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.