Intact Investment Management Inc. Makes New $1.21 Million Investment in Novagold Resources Inc. $NG

Key Points

• Intact Investment Management opened a new position in Novagold during Q4, buying 129,200 shares worth about $1.21 million.
• Analysts overall rate Novagold a "Moderate Buy" with an average price target of $13.26 (eight Buys, one Hold), including Morgan Stanley's overweight rating and $13.80 target.
• Insider activity: director Dawn Patricia Whittaker purchased 4,000 shares at $9.36 (≈$37,440), and company insiders now own about 1.67% of the stock.

Intact Investment Management Inc. bought a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 129,200 shares of the mining company's stock, valued at approximately $1,205,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NG. Torren Management LLC bought a new position in shares of Novagold Resources during the 4th quarter valued at approximately $27,000. Hantz Financial Services Inc. purchased a new stake in shares of Novagold Resources during the 3rd quarter valued at approximately $40,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Novagold Resources during the 1st quarter valued at approximately $44,000. TD Waterhouse Canada Inc. lifted its stake in shares of Novagold Resources by 307.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company's stock valued at $49,000 after buying an additional 4,000 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company's stock valued at $54,000 after buying an additional 1,610 shares in the last quarter. 57.56% of the stock is owned by institutional investors.

Insider Transactions at Novagold Resources

In related news, Director Dawn Patricia Whittaker bought 4,000 shares of the business's stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director owned 4,000 shares of the company's stock, valued at approximately $37,440. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.67% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NG has been the topic of a number of recent research reports. Scotiabank initiated coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a "sector outperform" rating on the stock. Morgan Stanley initiated coverage on shares of Novagold Resources in a research note on Thursday, April 9th. They set an "overweight" rating and a $13.80 price target on the stock. Zacks Research upgraded shares of Novagold Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Royal Bank Of Canada dropped their price target on shares of Novagold Resources from $18.00 to $14.00 and set an "outperform" rating on the stock in a research note on Thursday, March 19th. Finally, B. Riley Financial upped their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Novagold Resources has an average rating of "Moderate Buy" and an average price target of $13.26.

Novagold Resources Price Performance

NG stock opened at $7.95 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. Novagold Resources Inc. has a 52 week low of $3.37 and a 52 week high of $14.40. The firm's fifty day moving average is $9.96 and its 200 day moving average is $9.69. The firm has a market cap of $3.49 billion, a P/E ratio of -30.58 and a beta of 0.76.

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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