B. Riley Forecasts Strong Price Appreciation for Novagold Resources (NYSEAMERICAN:NG) Stock

Key Points

• B. Riley raised the price target for Novagold Resources from $9.00 to $11.00, indicating a potential upside of 24.69% from its current price.
• Royal Bank Of Canada upgraded Novagold from a "sector perform" to an "outperform" rating and set a new target price of $7.00.
• Currently, 57.56% of Novagold's stock is held by institutional investors and hedge funds, reflecting significant interest in the company.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG had its price objective lifted by equities research analysts at B. Riley from $9.00 to $11.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the mining company's stock. B. Riley's price objective would suggest a potential upside of 24.69% from the stock's current price.

Several other research firms also recently issued reports on NG. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th. Citigroup initiated coverage on shares of Novagold Resources in a research note on Wednesday, July 16th. They issued a "buy" rating and a $7.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $8.33.

Novagold Resources Stock Up 4.0%

NG stock opened at $8.82 on Tuesday. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $8.78. The company has a fifty day simple moving average of $6.43 and a 200 day simple moving average of $4.73. The firm has a market cap of $3.59 billion, a PE ratio of -36.76 and a beta of 0.66.

Hedge Funds Weigh In On Novagold Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NG. Cary Street Partners Financial LLC acquired a new position in shares of Novagold Resources during the first quarter worth approximately $29,000. Squarepoint Ops LLC acquired a new position in Novagold Resources in the fourth quarter valued at approximately $35,000. Dauntless Investment Group LLC acquired a new position in Novagold Resources in the first quarter valued at approximately $39,000. Shepherd Financial Partners LLC acquired a new position in Novagold Resources in the second quarter valued at approximately $41,000. Finally, Quadrature Capital Ltd acquired a new position in Novagold Resources in the second quarter valued at approximately $44,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.

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