887,800 Shares in Novagold Resources Inc. $NG Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies purchased 887,800 Novagold Resources shares worth approximately $7.97 million, giving it a 0.20% stake. Institutional investors collectively own 57.56% of the company.
• Analyst sentiment is broadly positive: Novagold has a consensus “Buy” rating and a $12.42 average price target, with recent coverage including a $9.00 target from B. Riley and a “Strong Buy” upgrade from Scotiabank.
• NG opened at $5.94, well below its 52-week high of $14.40, while the company reported a quarterly loss of $0.06 per share. Analysts expect a full-year loss of $0.16 per share.

Renaissance Technologies LLC purchased a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 887,800 shares of the mining company's stock, valued at approximately $7,972,000. Renaissance Technologies LLC owned 0.20% of Novagold Resources as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Cetera Investment Advisers lifted its position in shares of Novagold Resources by 2.7% in the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company's stock worth $431,000 after acquiring an additional 1,235 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Novagold Resources by 1.8% during the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company's stock valued at $652,000 after purchasing an additional 1,299 shares during the period. Sprott Inc. raised its stake in shares of Novagold Resources by 12.7% in the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company's stock valued at $116,000 after purchasing an additional 1,400 shares in the last quarter. Investment Management Corp of Ontario raised its stake in shares of Novagold Resources by 18.6% in the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company's stock valued at $76,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Torren Management LLC bought a new position in Novagold Resources in the fourth quarter worth $27,000. Institutional investors and hedge funds own 57.56% of the company's stock.

Analyst Upgrades and Downgrades

NG has been the topic of a number of recent research reports. B. Riley Financial started coverage on shares of Novagold Resources in a research note on Monday. They set a "buy" rating and a $9.00 price target on the stock. Scotiabank upgraded shares of Novagold Resources to a "strong-buy" rating in a research note on Wednesday, May 6th. Finally, Morgan Stanley reduced their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $12.42.

Novagold Resources Trading Up 1.9%

NG stock opened at $5.94 on Tuesday. Novagold Resources Inc. has a 1-year low of $5.07 and a 1-year high of $14.40. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The business's 50 day moving average is $6.73 and its 200-day moving average is $8.70. The firm has a market cap of $2.61 billion, a P/E ratio of -34.94 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. Equities analysts anticipate that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company's flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.

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