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. lessened its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 99.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

A number of other large investors have also added to or reduced their stakes in the company. Barclays PLC boosted its position in shares of Novagold Resources by 4.9% during the 4th quarter. Barclays PLC now owns 962,552 shares of the mining company's stock valued at $3,206,000 after acquiring an additional 44,717 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Novagold Resources during the first quarter valued at $56,000. Sowell Financial Services LLC bought a new position in Novagold Resources during the first quarter valued at $146,000. Principal Financial Group Inc. lifted its position in Novagold Resources by 21.0% during the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after purchasing an additional 2,848 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Novagold Resources in the 4th quarter worth $1,952,000. Institutional investors own 57.56% of the company's stock.

Insider Buying and Selling at Novagold Resources

In other Novagold Resources news, Director Hume D. Kyle acquired 10,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the completion of the purchase, the director directly owned 22,348 shares of the company's stock, valued at $91,626.80. The trade was a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.88% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on NG shares. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and upped their target price 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 note on Wednesday, July 16th. They set a "buy" rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Novagold Resources currently has a consensus rating of "Buy" and a consensus target price of $7.00.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $6.09 on Friday. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $6.16. The business's 50 day moving average price is $5.10 and its 200 day moving average price is $3.96. The company has a quick ratio of 76.72, a current ratio of 76.72 and a debt-to-equity ratio of 0.96. The firm has a market cap of $2.48 billion, a P/E ratio of -25.37 and a beta of 0.70.

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.

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