Sprott Inc. Sells 1,500,800 Shares of Novagold Resources Inc. $NG

Key Points

• Sprott Inc. has reduced its stake in Novagold Resources by 99.3%, selling 1,500,800 shares and now holding only 10,397 shares valued at $30,000.
• Barclays PLC increased its position in Novagold by 4.9%, adding 44,717 shares, while other institutions have either acquired new stakes or increased their holdings during the first quarter.
• Analyst ratings for Novagold Resources reflect a consensus "Buy" rating, with target prices increasing to $7.00 after upgrades from Royal Bank Of Canada and Citigroup.

Sprott Inc. reduced its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 99.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,397 shares of the mining company's stock after selling 1,500,800 shares during the quarter. Sprott Inc.'s holdings in Novagold Resources were worth $30,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC raised its stake in shares of Novagold Resources by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company's stock valued at $26,000 after buying an additional 6,959 shares during the period. Cary Street Partners Financial LLC bought a new stake in shares of Novagold Resources in the first quarter valued at $29,000. Squarepoint Ops LLC bought a new stake in shares of Novagold Resources in the fourth quarter valued at $35,000. Dauntless Investment Group LLC bought a new stake in shares of Novagold Resources in the first quarter valued at $39,000. Finally, Principal Financial Group Inc. raised its stake in shares of Novagold Resources by 21.0% in the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after buying an additional 2,848 shares during the period. 57.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Royal Bank Of Canada upgraded Novagold Resources from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $5.00 to $7.00 in a research report on Wednesday, June 4th. Citigroup assumed coverage on Novagold Resources in a research report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $7.00.

Insider Buying and Selling

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 acquired at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the purchase, the director owned 22,348 shares in the company, valued at approximately $91,626.80. This trade represents a 80.98% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.88% of the company's stock.

Novagold Resources Stock Up 1.3%

NG traded up $0.09 during trading on Thursday, hitting $6.68. 742,669 shares of the company's stock traded hands, compared to its average volume of 3,603,961. The company's 50 day simple moving average is $5.23 and its two-hundred day simple moving average is $4.03. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. Novagold Resources Inc. has a 12-month low of $2.26 and a 12-month high of $6.63. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of -27.74 and a beta of 0.70.

About Novagold Resources

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.