Citigroup Begins Coverage on Novagold Resources (NYSEAMERICAN:NG)

Citigroup started coverage on shares of Novagold Resources (NYSEAMERICAN:NG - Free Report) TSE: NG in a research note published on Wednesday, MarketBeat reports. The brokerage issued a buy rating and a $7.00 price objective on the mining company's stock.

NG has been the topic of a number of other research reports. National Bank Financial raised shares of Novagold Resources to a "hold" rating in a research note on Friday, March 21st. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th.

Novagold Resources Stock Down 1.5%

NYSEAMERICAN:NG traded down $0.08 during mid-day trading on Wednesday, reaching $5.39. The stock had a trading volume of 3,585,120 shares, compared to its average volume of 2,597,749. The stock has a 50-day simple moving average of $4.17 and a two-hundred day simple moving average of $3.59. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72. Novagold Resources has a 12 month low of $2.26 and a 12 month high of $5.59.

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Hume D. Kyle bought 10,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $4.10 per share, with a total value of $41,000.00. Following the completion of the transaction, the director directly owned 22,348 shares in the company, valued at approximately $91,626.80. The trade was a 80.98% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 2.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nova R Wealth Inc. bought a new position in shares of Novagold Resources during the 2nd quarter valued at approximately $160,000. Ruffer LLP bought a new position in shares of Novagold Resources during the 2nd quarter valued at approximately $1,733,000. Public Employees Retirement System of Ohio lifted its stake in shares of Novagold Resources by 13.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 72,225 shares of the mining company's stock valued at $296,000 after buying an additional 8,467 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Novagold Resources by 13.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company's stock valued at $5,159,000 after buying an additional 210,631 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Novagold Resources by 2.6% during the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock valued at $1,137,000 after buying an additional 9,797 shares in the last quarter. 57.56% of the stock is owned by institutional investors.

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.