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

Key Points

• Nine analysts give Novagold an average recommendation of "Moderate Buy" (eight buys, one hold) with a mean 12‑month price target of $13.26.
• Shares opened at $8.68 (12‑month range $3.37–$14.40), trading below its 50‑day moving average of $10.13 and near its 200‑day average of $9.73; the company has a market cap of $3.81B and a negative P/E of -33.38.
• Insider and institutional activity shows a director purchased 4,000 shares at $9.36, while hedge funds and other institutions own about 57.56% of the stock, with major holders (Vanguard, VanEck, Capital World) recently increasing stakes.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG has earned an average recommendation of "Moderate Buy" from the nine research firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $13.26.

A number of research analysts recently weighed in on NG shares. Scotiabank started coverage on Novagold Resources in a research note on Friday, February 6th. They set a "sector outperform" rating on the stock. Royal Bank Of Canada dropped their price target on Novagold Resources from $18.00 to $14.00 and set an "outperform" rating on the stock in a research note on Thursday, March 19th. Morgan Stanley assumed coverage on Novagold Resources in a research note on Thursday, April 9th. They set an "overweight" rating and a $13.80 price target on the stock. Zacks Research raised Novagold Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Finally, Canaccord Genuity Group assumed coverage on Novagold Resources in a research note on Friday, March 27th. They issued a "speculative buy" rating and a $13.00 price objective for the company.

Novagold Resources Trading Up 0.6%

NYSEAMERICAN NG opened at $8.68 on Tuesday. The business's 50-day moving average price is $10.13 and its two-hundred day moving average price is $9.73. Novagold Resources has a 12 month low of $3.37 and a 12 month high of $14.40. The firm has a market capitalization of $3.81 billion, a PE ratio of -33.38 and a beta of 0.90. The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38.

Insider Activity at Novagold Resources

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at $37,440. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.67% of the stock is currently owned by company insiders.

Institutional Trading of Novagold Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp raised its stake in shares of Novagold Resources by 29.2% in the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company's stock worth $71,802,000 after purchasing an additional 1,842,582 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company's stock worth $128,840,000 after purchasing an additional 2,815,780 shares during the last quarter. Capital World Investors raised its stake in shares of Novagold Resources by 12.8% in the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company's stock worth $155,461,000 after purchasing an additional 2,000,000 shares during the last quarter. Alps Advisors Inc. raised its stake in shares of Novagold Resources by 32.7% in the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company's stock worth $14,479,000 after purchasing an additional 405,843 shares during the last quarter. Finally, CapWealth Advisors LLC purchased a new stake in shares of Novagold Resources in the third quarter worth approximately $616,000. 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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