Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Average Rating of "Buy" from Analysts

Key Points

• Novagold Resources has a consensus analyst rating of “Buy” from nine covering firms, with seven buy ratings, one strong buy, and one hold. The average 12-month price target is $13.22.
• Recent analyst updates were mixed but mostly positive, including target price cuts from Morgan Stanley and RBC, while Scotiabank upgraded the stock to strong-buy. Canaccord Genuity initiated coverage with a speculative buy rating and a $13.00 target.
• The stock recently traded at $5.97, well below its 52-week high of $14.40, and the company has a large institutional following, with 57.56% of shares owned by hedge funds and other investors.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG has been given a consensus rating of "Buy" by the nine research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $13.22.

Several equities analysts have recently commented on the company. Morgan Stanley decreased their price target on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research note on Wednesday. Canaccord Genuity Group began coverage on shares of Novagold Resources in a research note on Friday, March 27th. They issued a "speculative buy" rating and a $13.00 price target for the company. Royal Bank Of Canada cut their target price on shares of Novagold Resources from $18.00 to $14.00 and set an "outperform" rating on the stock in a research note on Thursday, March 19th. Scotiabank raised Novagold Resources to a "strong-buy" rating in a research report on Wednesday, May 6th. Finally, Zacks Research raised Novagold Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th.

Novagold Resources Price Performance

Shares of Novagold Resources stock traded down $0.13 during mid-day trading on Friday, reaching $5.97. 3,960,132 shares of the stock traded hands, compared to its average volume of 4,345,864. The business has a 50-day moving average of $7.56 and a 200 day moving average of $9.16. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $2.62 billion, a PE ratio of -35.12 and a beta of 0.84. Novagold Resources has a fifty-two week low of $4.68 and a fifty-two week high of $14.40.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds have recently bought and sold shares of the company. Electrum Group LLC purchased a new stake in Novagold Resources in the 4th quarter valued at approximately $865,854,000. Principal Financial Group Inc. lifted its stake in shares of Novagold Resources by 32,405.9% in the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company's stock valued at $51,380,000 after purchasing an additional 5,704,403 shares in the last quarter. UBS Group AG grew its stake in Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company's stock worth $119,837,000 after buying an additional 2,443,511 shares during the period. Bank of America Corp DE increased its holdings in Novagold Resources by 520.9% in the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company's stock valued at $11,886,000 after purchasing an additional 2,438,052 shares in the last quarter. Finally, Greenwich Wealth Management LLC purchased a new stake in shares of Novagold Resources during the 4th quarter valued at about $18,640,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

About Novagold Resources

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.

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