Novagold Resources (NYSEAMERICAN:NG) Coverage Initiated at Canaccord Genuity Group

Key Points

• Canaccord Genuity initiated coverage on Novagold with a "speculative buy" rating and a $13 price target, implying roughly a 68% upside from the stock's current level.
• Overall analyst sentiment is favorable—seven Buy ratings versus one Sell, yielding a consensus rating of "Moderate Buy" and an average target of $13.13.
• The stock opened at $7.73, has a one-year range of $2.26–$14.40 and a market cap of $3.39 billion; a director bought 4,000 shares at $9.36 and institutional investors now own about 57.6% of the company.

Canaccord Genuity Group assumed coverage on shares of Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG in a research report issued to clients and investors on Friday. The brokerage set a "speculative buy" rating and a $13.00 price target on the mining company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 68.18% from the stock's current price.

A number of other equities analysts also recently weighed in on NG. Zacks Research cut Novagold Resources from a "hold" rating to a "strong sell" rating in a research note on Friday, January 30th. Royal Bank Of Canada reduced their target price on shares of Novagold Resources from $18.00 to $14.00 and set an "outperform" rating for the company in a research note on Thursday, March 19th. Scotiabank assumed coverage on shares of Novagold Resources in a research report on Friday, February 6th. They issued a "sector outperform" rating for the company. Finally, B. Riley Financial increased their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Novagold Resources Price Performance

NYSEAMERICAN NG opened at $7.73 on Friday. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $14.40. The business's fifty day moving average is $10.46 and its two-hundred day moving average is $9.53. The stock has a market capitalization of $3.39 billion, a P/E ratio of -30.92 and a beta of 0.75. The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79.

Insider Transactions at Novagold Resources

In related news, Director Dawn Patricia Whittaker bought 4,000 shares of the business's stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the purchase, the director directly owned 4,000 shares in the company, valued at $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.88% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NG. Electrum Group LLC acquired a new stake in Novagold Resources in the 4th quarter valued at $865,854,000. Lingotto Investment Management LLP lifted its holdings in shares of Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company's stock valued at $142,753,000 after acquiring an additional 13,180,065 shares during the period. Vanguard Group Inc. boosted its stake in shares of Novagold Resources by 23.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company's stock valued at $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. UBS Group AG boosted its stake in shares of Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company's stock valued at $119,837,000 after purchasing an additional 2,443,511 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of 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 worth $11,886,000 after purchasing an additional 2,438,052 shares during the last quarter. Institutional investors own 57.56% of the company's stock.

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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