Quantinno Capital Management LP Boosts Stake in Novagold Resources Inc. $NG

Key Points

• Quantinno Capital Management increased its Novagold Resources stake by 1,075.2% in the first quarter, acquiring 327,672 additional shares for a total holding of 358,148 shares valued at approximately $3.2 million.
• Novagold shares traded up 10.0% at $7.59, while the company reported a quarterly loss of $0.06 per share and analysts expect a full-year loss of $0.16 per share.
• Wall Street’s consensus rating is Buy, with one Strong Buy, seven Buy, and one Hold rating; the average analyst price target is $12.42, notably above the current share price.

Quantinno Capital Management LP grew its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 1,075.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 358,148 shares of the mining company's stock after buying an additional 327,672 shares during the quarter. Quantinno Capital Management LP owned 0.08% of Novagold Resources worth $3,216,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Torren Management LLC bought a new position in shares of Novagold Resources in the fourth quarter valued at approximately $27,000. Leonteq Securities AG bought a new stake in Novagold Resources during the fourth quarter worth $38,000. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources during the first quarter worth $44,000. Kestra Advisory Services LLC purchased a new position in Novagold Resources in the fourth quarter worth $47,000. Finally, TD Waterhouse Canada Inc. boosted its position in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company's stock worth $49,000 after purchasing an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company's stock.

Novagold Resources Trading Up 10.0%

NYSEAMERICAN:NG opened at $7.59 on Friday. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $3.33 billion, a PE ratio of -44.65 and a beta of 0.85. The firm's 50 day moving average is $6.62 and its 200 day moving average is $8.62. Novagold Resources Inc. has a 12 month low of $5.07 and a 12 month high of $14.40.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. Sell-side analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NG. B. Riley Financial started coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a "buy" rating and a $9.00 price objective for the company. Morgan Stanley cut their price target on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a report on Wednesday, July 8th. Finally, Scotiabank upgraded shares of Novagold Resources to a "strong-buy" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Novagold Resources currently has an average rating of "Buy" and an average price target of $12.42.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source