Groupe la Francaise Acquires Shares of 325,000 Novagold Resources Inc. $NG

Key Points

• Groupe la Francaise acquired 325,000 Novagold Resources shares during the first quarter, valued at approximately $2.9 million and representing about 0.07% of the company.
• Other institutional investors also increased or initiated positions, with institutional ownership reaching 57.56% of Novagold’s stock.
• Novagold shares opened at $5.83, well below the 12-month high of $14.40, while analysts maintained a consensus “Buy” rating and an average price target of $13.22.

Groupe la Francaise bought a new stake in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 325,000 shares of the mining company's stock, valued at approximately $2,918,000. Groupe la Francaise owned approximately 0.07% of Novagold Resources as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in NG. Torren Management LLC acquired a new stake in shares of Novagold Resources during the 4th quarter worth about $27,000. Sunbelt Securities Inc. boosted its position in Novagold Resources by 34,166.7% in the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company's stock valued at $28,000 after buying an additional 3,075 shares in the last quarter. Leonteq Securities AG acquired a new position in Novagold Resources in the fourth quarter valued at about $38,000. Kestra Advisory Services LLC acquired a new position in Novagold Resources in the fourth quarter valued at about $47,000. Finally, TD Waterhouse Canada Inc. grew its stake in Novagold Resources by 307.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company's stock worth $49,000 after buying an additional 4,000 shares during the last quarter. Institutional investors own 57.56% of the company's stock.

Novagold Resources Stock Performance

Novagold Resources stock opened at $5.83 on Friday. The stock has a 50-day simple moving average of $6.77 and a 200 day simple moving average of $8.74. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. Novagold Resources Inc. has a 12-month low of $5.07 and a 12-month high of $14.40. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -34.29 and a beta of 0.84.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on NG shares. Morgan Stanley dropped 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. Scotiabank raised Novagold Resources to a "strong-buy" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Novagold Resources has a consensus rating of "Buy" and a consensus target price of $13.22.

About Novagold Resources

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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