Bank Pictet & Cie Europe AG Has $23.30 Million Position in Novagold Resources Inc. $NG

Key Points

• Bank Pictet & Cie Europe AG has reduced its stake in Novagold Resources Inc. by 29.1%, now holding approximately 1.39% of the company's shares, worth $23.30 million.
• Institutional investors control 57.56% of Novagold's stock, with significant increases in holdings by several firms, including a 74.8% increase by Two Sigma Investments LP.
• Analysts have set a consensus target price of $7.00 for Novagold Resources, with recent upgrades from Royal Bank Of Canada and Citigroup highlighting a positive outlook for the stock.

Bank Pictet & Cie Europe AG lowered its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 29.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,676,000 shares of the mining company's stock after selling 2,324,000 shares during the period. Bank Pictet & Cie Europe AG owned approximately 1.39% of Novagold Resources worth $23,295,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Bank of America Corp DE raised its position in Novagold Resources by 18.6% in the fourth quarter. Bank of America Corp DE now owns 247,190 shares of the mining company's stock worth $823,000 after purchasing an additional 38,739 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Novagold Resources in the fourth quarter worth about $73,000. ProShare Advisors LLC raised its position in Novagold Resources by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 68,690 shares of the mining company's stock worth $229,000 after purchasing an additional 22,601 shares in the last quarter. Two Sigma Investments LP raised its position in Novagold Resources by 74.8% in the fourth quarter. Two Sigma Investments LP now owns 317,029 shares of the mining company's stock worth $1,056,000 after purchasing an additional 135,705 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Novagold Resources in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 57.56% of the company's stock.

Novagold Resources Trading Up 3.4%

Shares of NYSEAMERICAN:NG opened at $7.94 on Friday. Novagold Resources Inc. has a 12 month low of $2.26 and a 12 month high of $8.06. The company has a quick ratio of 76.72, a current ratio of 76.72 and a debt-to-equity ratio of 0.96. The company's fifty day simple moving average is $6.32 and its 200 day simple moving average is $4.65. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -33.08 and a beta of 0.66.

Insider Activity at Novagold Resources

In related news, Director Hume D. Kyle acquired 10,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the completion of the acquisition, 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 legal filing with the SEC, which can be accessed through this hyperlink. 2.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on NG shares. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th. Citigroup began coverage on shares of Novagold Resources in a research note on Wednesday, July 16th. They set a "buy" rating and a $7.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Novagold Resources has an average rating of "Buy" and a consensus target price of $7.00.

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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