Amundi Grows Stake in Novagold Resources Inc. $NG

Key Points

• Amundi increased its holdings in Novagold Resources by 15.6%, acquiring an additional 375,697 shares during the first quarter, bringing its total ownership to 2,790,399 shares valued at approximately $7.9 million.
• Corporate insiders, including Director Hume D. Kyle, have shown confidence in Novagold by purchasing shares, with Kyle's recent acquisition representing an 80.98% increase in his ownership.
• Analysts have taken a positive outlook on Novagold with a consensus Buy rating and a target price of $7.00, indicating potential growth for the company's stock.

Amundi raised its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 15.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,790,399 shares of the mining company's stock after acquiring an additional 375,697 shares during the period. Amundi owned about 0.83% of Novagold Resources worth $7,925,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Empyrean Capital Partners LP boosted its stake in shares of Novagold Resources by 239.1% during the first quarter. Empyrean Capital Partners LP now owns 1,933,066 shares of the mining company's stock valued at $5,645,000 after purchasing an additional 1,363,066 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Novagold Resources during the first quarter valued at approximately $44,000. Vident Advisory LLC boosted its stake in shares of Novagold Resources by 21.8% during the first quarter. Vident Advisory LLC now owns 257,406 shares of the mining company's stock valued at $752,000 after purchasing an additional 46,018 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Novagold Resources by 3.7% during the first quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company's stock valued at $399,000 after purchasing an additional 4,880 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Novagold Resources by 25.8% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 136,747 shares of the mining company's stock valued at $399,000 after purchasing an additional 28,034 shares during the period. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Trading Up 5.5%

NYSEAMERICAN NG traded up $0.38 on Monday, reaching $7.30. 3,274,331 shares of the company were exchanged, compared to its average volume of 3,125,470. The business's fifty day moving average price is $5.90 and its 200 day moving average price is $4.38. The stock has a market capitalization of $2.97 billion, a P/E ratio of -30.42 and a beta of 0.66. 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 Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $7.33.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NG. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th. Citigroup initiated coverage on Novagold Resources in a research note on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Novagold Resources has an average rating of "Buy" and an average target price of $7.00.

Insider Activity

In other news, Director Hume D. Kyle acquired 10,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the acquisition, the director owned 22,348 shares of the company's stock, valued at $91,626.80. This represents a 80.98% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.39% of the company's stock.

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.