Novagold Resources Inc. $NG Shares Sold by UBS Group AG

UBS Group AG cut its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 69.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,093,007 shares of the mining company's stock after selling 9,524,873 shares during the period. UBS Group AG owned about 1.01% of Novagold Resources worth $38,147,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in NG. Vanguard Group Inc. grew its holdings in Novagold Resources by 23.9% during the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company's stock worth $128,840,000 after acquiring an additional 2,815,780 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company's stock worth $11,886,000 after purchasing an additional 2,438,052 shares during the last quarter. Capital World Investors lifted its position in shares of Novagold Resources by 12.8% during the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company's stock worth $155,461,000 after purchasing an additional 2,000,000 shares during the last quarter. Van ECK Associates Corp grew its stake in Novagold Resources by 29.2% in the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company's stock worth $71,802,000 after purchasing an additional 1,842,582 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Novagold Resources in the second quarter worth about $6,701,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NG shares. Scotiabank raised Novagold Resources to a "strong-buy" rating in a report on Wednesday. Canaccord Genuity Group started coverage on Novagold Resources in a research report on Friday, March 27th. They set a "speculative buy" rating and a $13.00 price objective for the company. Morgan Stanley assumed coverage on Novagold Resources in a research report on Thursday, April 9th. They issued an "overweight" rating and a $13.80 target price on the stock. 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. Finally, Zacks Research raised shares of Novagold Resources from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $13.26.

Novagold Resources Stock Performance

NG opened at $8.52 on Friday. The business has a fifty day simple moving average of $9.80 and a 200-day simple moving average of $9.65. The firm has a market cap of $3.74 billion, a PE ratio of -32.77 and a beta of 0.76. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. Novagold Resources Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $14.40.

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.

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