Novagold Resources Inc. (NYSEAMERICAN:NG) Director Acquires $19,999.52 in Stock

Key Points

• Ethan Schutt, a director of Novagold Resources, purchased 3,824 shares at an average price of $5.23 per share, increasing his ownership by 7.98% to a total of 51,735 shares.
• Analysts have recently given Novagold Resources a buy rating with target prices increasing to $7.00 following reports from Citigroup and Royal Bank of Canada.
• Novagold's stock gained 0.3% to reach $5.25, contributing to a market cap of approximately $2.13 billion amidst significant institutional interest with 57.56% of the stock owned by hedge funds and other investors.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG Director Ethan Schutt bought 3,824 shares of Novagold Resources stock in a transaction on Monday, July 28th. The stock was acquired at an average cost of $5.23 per share, for a total transaction of $19,999.52. Following the acquisition, the director owned 51,735 shares in the company, valued at approximately $270,574.05. This represents a 7.98% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Novagold Resources Stock Performance

NYSEAMERICAN:NG traded down $0.13 during trading hours on Wednesday, reaching $5.12. The company had a trading volume of 2,374,365 shares, compared to its average volume of 3,189,824. 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 52 week low of $2.26 and a 52 week high of $6.16. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -21.33 and a beta of 0.67. The firm's 50 day moving average price is $4.49 and its 200-day moving average price is $3.68.

Wall Street Analyst Weigh In

NG has been the subject of a number of analyst reports. Citigroup initiated coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a "buy" rating and a $7.00 price target for the company. Royal Bank Of Canada upgraded Novagold Resources from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NG. Sterling Capital Management LLC raised its position in shares of Novagold Resources by 814.9% during the 4th 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 in the last quarter. Cary Street Partners Financial LLC bought a new position in Novagold Resources during the 1st quarter valued at about $29,000. Squarepoint Ops LLC bought a new position in Novagold Resources during the 4th quarter valued at about $35,000. Dauntless Investment Group LLC bought a new position in Novagold Resources during the 1st quarter valued at about $39,000. Finally, Cubist Systematic Strategies LLC bought a new position in Novagold Resources during the 1st quarter valued at about $44,000. Hedge funds and other institutional investors own 57.56% of the company's stock.

Novagold Resources Company 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.