Novagold Resources Inc. $NG Holdings Lifted by Tudor Investment Corp ET AL

Key Points

• Tudor Investment Corp et al increased its stake in Novagold by 89.5% in Q3 to 1,080,198 shares (about 0.27% of the company), with institutional investors owning roughly 57.56% of the stock.
• Analyst sentiment is largely positive — seven analysts have Buy ratings and one a Hold, producing an average target price of $13.13 and an overall "Moderate Buy" consensus.
• Novagold's flagship asset is the Donlin Gold project, a 50/50 joint venture with Barrick Gold; the company has a market cap of about $3.98 billion and recent insider buying (a director purchased 4,000 shares at $9.36).

Tudor Investment Corp ET AL grew its position in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 89.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,080,198 shares of the mining company's stock after purchasing an additional 510,253 shares during the period. Tudor Investment Corp ET AL owned approximately 0.27% of Novagold Resources worth $9,506,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP grew its position in Novagold Resources by 18.5% in the 3rd quarter. Allworth Financial LP now owns 18,747 shares of the mining company's stock worth $165,000 after purchasing an additional 2,932 shares during the last quarter. Swiss Life Asset Management Ltd bought a new position in Novagold Resources in the 3rd quarter worth about $117,000. CIBC Bancorp USA Inc. bought a new position in Novagold Resources in the 3rd quarter worth about $284,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Novagold Resources by 69.5% in the third quarter. CANADA LIFE ASSURANCE Co now owns 39,945 shares of the mining company's stock valued at $339,000 after acquiring an additional 16,381 shares in the last quarter. Finally, Worth Venture Partners LLC acquired a new position in shares of Novagold Resources during the third quarter valued at approximately $249,000. Institutional investors own 57.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NG shares. Scotiabank started coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a "sector outperform" rating on the stock. Royal Bank Of Canada lowered their price objective 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. Canaccord Genuity Group started coverage on shares of Novagold Resources in a research note on Friday, March 27th. They set a "speculative buy" rating and a $13.00 price objective on the stock. Zacks Research raised Novagold Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Finally, B. Riley Financial raised their target price on Novagold Resources from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $13.13.

Insiders Place Their Bets

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of Novagold Resources stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the acquisition, the director owned 4,000 shares of the company's stock, valued at approximately $37,440. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.88% of the company's stock.

Novagold Resources Trading Up 0.1%

Shares of NYSEAMERICAN:NG opened at $9.07 on Tuesday. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -34.88 and a beta of 0.90. Novagold Resources Inc. has a 1-year low of $2.26 and a 1-year high of $14.40. The company has a debt-to-equity ratio of 0.38, a quick ratio of 23.79 and a current ratio of 88.72. The company has a 50 day moving average price of $10.27 and a 200 day moving average price of $9.66.

Novagold Resources 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.