Novagold Resources Inc. (NYSEAMERICAN:NG) Director Ethan Schutt Purchases 3,824 Shares

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 acquired 3,824 shares of the firm's stock in a transaction on Monday, July 28th. The stock was purchased at an average price of $5.23 per share, with a total value of $19,999.52. Following the transaction, the director owned 51,735 shares of the company's stock, valued at approximately $270,574.05. This trade represents a 7.98% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Novagold Resources Stock Performance

Shares of NYSEAMERICAN:NG traded up $0.08 during trading on Friday, reaching $5.27. The company had a trading volume of 2,916,036 shares, compared to its average volume of 2,859,596. The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72. The stock's fifty day moving average price is $4.55 and its 200 day moving average price is $3.70. Novagold Resources Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $6.16. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -21.96 and a beta of 0.70.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th. Citigroup began coverage on Novagold Resources in a research report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price objective for the company.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NG. Teacher Retirement System of Texas raised its position in shares of Novagold Resources by 518.9% in the second quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company's stock valued at $19,513,000 after buying an additional 4,000,000 shares during the last quarter. Kopernik Global Investors LLC grew its stake in Novagold Resources by 23.1% in the 4th quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company's stock worth $56,633,000 after acquiring an additional 3,187,981 shares during the period. Empyrean Capital Partners LP raised its holdings in Novagold Resources by 239.1% in the 1st quarter. Empyrean Capital Partners LP now owns 1,933,066 shares of the mining company's stock valued at $5,645,000 after acquiring an additional 1,363,066 shares during the last quarter. Alps Advisors Inc. lifted its stake in shares of Novagold Resources by 458.9% during the 1st quarter. Alps Advisors Inc. now owns 1,143,199 shares of the mining company's stock worth $3,338,000 after purchasing an additional 938,639 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Novagold Resources during the first quarter worth $2,539,000. 57.56% of the stock is owned by institutional investors and hedge funds.

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.