Morgan Stanley Cuts Novagold Resources (NYSEAMERICAN:NG) Price Target to $13.00

Key Points

• Morgan Stanley lowered Novagold Resources’ price target to $13.00 from $13.60 but maintained an “overweight” rating, implying roughly 104% upside from the stock’s $6.38 price.
• Analyst sentiment remains positive, with an average “Buy” rating and a $12.30 consensus target; B. Riley Financial also initiated coverage with a “Buy” rating and a $9.00 target.
• Novagold’s stock has traded between $5.07 and $14.40 over the past year, while institutional investors own 57.56% of the company. Its main asset is the undeveloped Donlin Gold project in Alaska, jointly owned with Barrick Gold.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG had its price objective reduced by stock analysts at Morgan Stanley from $13.60 to $13.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the mining company's stock. Morgan Stanley's price target would suggest a potential upside of 103.89% from the company's current price.

Separately, 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 for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $12.30.

Novagold Resources Stock Performance

Novagold Resources stock traded down $0.24 during trading hours on Wednesday, hitting $6.38. The stock had a trading volume of 754,355 shares, compared to its average volume of 4,340,421. The company has a 50-day moving average of $7.53 and a two-hundred day moving average of $7.69. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. Novagold Resources has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The company has a market cap of $2.80 billion, a PE ratio of -37.56 and a beta of 0.95.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. On average, equities research analysts anticipate that Novagold Resources will post -0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CapWealth Advisors LLC boosted its stake in shares of Novagold Resources by 13.4% in 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 in the last quarter. Versant Capital Management Inc increased its position in shares of Novagold Resources by 44.1% during the 3rd quarter. Versant Capital Management Inc now owns 7,779 shares of the mining company's stock worth $51,000 after purchasing an additional 2,380 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Novagold Resources during the 2nd quarter worth about $676,000. Corient Private Wealth LP bought a new position in Novagold Resources during the 2nd quarter valued at about $907,000. Finally, Groupe la Francaise lifted its holdings in Novagold Resources by 23.1% during the 2nd quarter. Groupe la Francaise now owns 400,000 shares of the mining company's stock valued at $2,393,000 after purchasing an additional 75,000 shares during the last quarter. 57.56% of the stock is owned by institutional investors.

Novagold Resources Company Profile

Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation.

Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold.

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