Novagold Resources (NYSEAMERICAN:NG) Reaches New 1-Year High - Here's What Happened

Key Points

• Novagold Resources has reached a new 52-week high of $6.95, with the stock last trading at $6.72 and a trading volume of 143,769 shares.
• Analysts have given Novagold an average rating of "Buy" with a price target of $7.00, indicating positive sentiment towards the stock.
• Director Hume D. Kyle significantly increased his holdings by purchasing 10,000 shares at $4.10 each, reflecting insider confidence in the stock's future.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $6.95 and last traded at $6.72, with a volume of 143769 shares. The stock had previously closed at $6.84.

Wall Street Analyst Weigh In

NG has been the topic of a number of analyst reports. Citigroup initiated coverage on Novagold Resources in a research report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target on the stock. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $7.00.

Novagold Resources Price Performance

The company has a 50-day moving average of $5.60 and a two-hundred day moving average of $4.21. The stock has a market capitalization of $2.75 billion, a PE ratio of -28.17 and a beta of 0.66. The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72.

Insider Buying and Selling at Novagold Resources

In related news, Director Hume D. Kyle bought 10,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the acquisition, the director owned 22,348 shares in the company, valued at $91,626.80. This represents a 80.98% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.88% of the company's stock.

Institutional Investors Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Lingotto Investment Management LLP increased its holdings in Novagold Resources by 60.7% during the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company's stock worth $142,753,000 after purchasing an additional 13,180,065 shares during the last quarter. Kopernik Global Investors LLC increased its holdings in Novagold Resources by 2.8% during the 2nd quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company's stock worth $78,181,000 after purchasing an additional 523,479 shares during the last quarter. Vanguard Group Inc. increased its holdings in Novagold Resources by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock worth $31,603,000 after purchasing an additional 71,256 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Novagold Resources by 518.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company's stock worth $19,513,000 after purchasing an additional 4,000,000 shares during the last quarter. Finally, Amundi increased its position in shares of Novagold Resources by 54.3% in the 2nd quarter. Amundi now owns 4,306,221 shares of the mining company's stock worth $19,292,000 after purchasing an additional 1,515,822 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.