Novagold Resources (NYSEAMERICAN:NG) Share Price Breaks Above 50-Day Moving Average – Here’s Why

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $6.85 and traded as high as $6.98. Novagold Resources shares last traded at $6.88, with a volume of 3,120,985 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NG. Citigroup initiated coverage on Novagold Resources in a research note on Friday. They set a “buy” rating and a $12.50 price objective on the stock. B. Riley Financial assumed coverage on Novagold Resources in a research report on Monday, August 3rd. They issued a “buy” rating and a $9.00 target price on the stock. Finally, Morgan Stanley reduced their price target on shares of Novagold Resources from $13.60 to $13.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $12.30.

Novagold Resources Stock Performance

The company has a market cap of $3.02 billion, a P/E ratio of -32.76 and a beta of 0.97. The company has a 50 day moving average price of $6.85 and a 200-day moving average price of $8.14. The company has a quick ratio of 44.51, a current ratio of 44.51 and a debt-to-equity ratio of 0.46.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly earnings data on Thursday, October 8th. The mining company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Equities analysts expect that Novagold Resources Inc. will post -0.18 EPS for the current fiscal year.

Institutional Trading of Novagold Resources

A number of institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its holdings in shares of Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after acquiring an additional 5,704,403 shares in the last quarter. Amundi boosted its stake in Novagold Resources by 11.5% during the 1st quarter. Amundi now owns 5,050,474 shares of the mining company’s stock valued at $45,353,000 after purchasing an additional 521,388 shares in the last quarter. Renaissance Technologies LLC bought a new position in Novagold Resources during the 1st quarter valued at $7,972,000. Bank of New York Mellon Corp bought a new position in Novagold Resources during the 2nd quarter valued at $5,197,000. Finally, CapWealth Advisors LLC increased its position in shares of Novagold Resources by 13.4% during the 3rd quarter. CapWealth Advisors LLC now owns 509,193 shares of the mining company’s stock valued at $3,310,000 after purchasing an additional 60,203 shares during the period. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Company Profile