Citigroup Boosts Novagold Resources (NYSEAMERICAN:NG) Price Target to $12.50

Key Points

• Citigroup has raised the price target for Novagold Resources from $7.00 to $12.50, indicating a potential upside of 16.77% based on the stock's previous close.
• In addition to Citigroup, B. Riley has also increased its target price from $9.00 to $11.00, contributing to a consensus average target price of $10.17.
• Novagold Resources has experienced a significant increase in institutional interest, with various hedge funds recently expanding their holdings, now comprising 57.56% of the stock.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG had its target price increased by investment analysts at Citigroup from $7.00 to $12.50 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the mining company's stock. Citigroup's price objective points to a potential upside of 16.77% from the stock's previous close.

Separately, B. Riley increased their target price on Novagold Resources from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Novagold Resources has an average rating of "Moderate Buy" and a consensus target price of $10.17.

Novagold Resources Stock Performance

Shares of NYSEAMERICAN NG traded up $0.83 during midday trading on Wednesday, reaching $10.71. 3,933,998 shares of the stock were exchanged, compared to its average volume of 3,758,153. The firm has a market cap of $4.36 billion, a price-to-earnings ratio of -42.79 and a beta of 0.77. Novagold Resources has a twelve month low of $2.26 and a twelve month high of $10.78. The firm has a 50-day simple moving average of $7.38 and a two-hundred day simple moving average of $5.23. The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92.

Institutional Trading of Novagold Resources

A number of hedge funds and other institutional investors have recently modified their holdings of NG. Allspring Global Investments Holdings LLC acquired a new position in Novagold Resources in the 1st quarter valued at about $56,000. Sowell Financial Services LLC acquired a new position in Novagold Resources in the 1st quarter valued at about $146,000. Principal Financial Group Inc. grew its position in Novagold Resources by 21.0% in the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after acquiring an additional 2,848 shares in the last quarter. Rhumbline Advisers grew its position in Novagold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock valued at $1,137,000 after acquiring an additional 9,797 shares in the last quarter. Finally, TD Asset Management Inc grew its position in Novagold Resources by 2.8% in the 1st quarter. TD Asset Management Inc now owns 700,313 shares of the mining company's stock valued at $2,044,000 after acquiring an additional 19,017 shares in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Company Profile

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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