Sei Investments Co. cut its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 47.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 284,913 shares of the mining company's stock after selling 256,491 shares during the period. Sei Investments Co. owned approximately 0.06% of Novagold Resources worth $2,559,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources in the 1st quarter valued at about $44,000. AQR Capital Management LLC increased its holdings in shares of Novagold Resources by 103.9% during the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company's stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company's stock worth $846,000 after purchasing an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Novagold Resources during the first quarter worth approximately $157,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Novagold Resources by 13.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company's stock valued at $5,159,000 after buying an additional 210,631 shares in the last quarter. 57.56% of the stock is owned by institutional investors.
Novagold Resources Price Performance
NG stock opened at $7.59 on Friday. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. Novagold Resources Inc. has a 12 month low of $5.07 and a 12 month high of $14.40. The firm has a market cap of $3.33 billion, a P/E ratio of -44.65 and a beta of 0.85. The company's 50-day moving average price is $6.62 and its two-hundred day moving average price is $8.62.
Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last issued its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. On average, analysts anticipate that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the company. 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 target for the company. Morgan Stanley lowered their price objective on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. Finally, Scotiabank upgraded 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 issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Novagold Resources currently has a consensus rating of "Buy" and a consensus price target of $12.42.
Check Out Our Latest Stock Analysis on Novagold Resources
About Novagold Resources
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding NG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG.
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