Novagold Resources Inc. $NG Stock Position Raised by Vident Advisory LLC

Key Points

• Vident Advisory LLC has increased its stake in Novagold Resources Inc. by 21.8% in the first quarter, owning approximately 0.08% of the company, valued at $752,000.
• Several hedge funds, including Cary Street Partners and Wolverine Trading, have also adjusted their positions in Novagold, contributing to 57.56% of the company's stock being held by institutional investors.
• Brokerages are optimistic about Novagold's prospects, with Royal Bank Of Canada raising its rating to outperform and increasing the target price from $5.00 to $7.00.

Vident Advisory LLC raised its stake in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 21.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 257,406 shares of the mining company's stock after purchasing an additional 46,018 shares during the period. Vident Advisory LLC owned about 0.08% of Novagold Resources worth $752,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cary Street Partners Financial LLC purchased a new stake in shares of Novagold Resources during the 1st quarter worth $29,000. Squarepoint Ops LLC acquired a new stake in Novagold Resources in the fourth quarter valued at $35,000. Dauntless Investment Group LLC purchased a new stake in Novagold Resources during the 1st quarter worth about $39,000. Principal Financial Group Inc. boosted its position in shares of Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock worth $48,000 after acquiring an additional 2,848 shares in the last quarter. Finally, Wolverine Trading LLC increased its holdings in shares of Novagold Resources by 4,789.1% in the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company's stock valued at $53,000 after acquiring an additional 16,666 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company's stock.

Novagold Resources Stock Down 1.9%

NG traded down $0.13 during trading on Wednesday, hitting $6.61. The company had a trading volume of 3,947,670 shares, compared to its average volume of 3,034,908. The company has a market cap of $2.69 billion, a PE ratio of -27.54 and a beta of 0.66. The business has a 50-day moving average of $5.75 and a 200-day moving average of $4.29. The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72. Novagold Resources Inc. has a 1-year low of $2.26 and a 1-year high of $6.98.

Analysts Set New Price Targets

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

Insider Buying and Selling at Novagold Resources

In other Novagold Resources news, Director Hume D. Kyle bought 10,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $4.10 per share, with a total value of $41,000.00. Following the completion of the acquisition, the director directly owned 22,348 shares of the company's stock, valued at approximately $91,626.80. The trade was a 80.98% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.88% of the company's stock.

Novagold Resources 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.