Novagold Resources (NYSEAMERICAN:NG) Hits New 12-Month High - Here's What Happened

Key Points

• Novagold Resources shares reached a 12-month high of $6.22 during trading, reflecting a significant rise in investor interest.
• Multiple analysts have issued positive ratings for Novagold, with a consensus target price of $7.00 reflecting a potential upside.
• Insider activity has shown confidence, with Director Hume D. Kyle increasing his holdings by 80.98% through a substantial purchase of shares.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $6.20 and last traded at $6.22, with a volume of 14017 shares trading hands. The stock had previously closed at $6.09.

Wall Street Analyst Weigh In

NG has been the subject of several recent analyst reports. Citigroup initiated coverage on shares of Novagold Resources in a research report on Wednesday, July 16th. They set a "buy" rating and a $7.00 price objective for the company. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $7.00.

Novagold Resources Trading Up 4.4%

The firm has a fifty day moving average of $5.10 and a two-hundred day moving average of $3.97. The company has a market cap of $2.59 billion, a PE ratio of -26.48 and a beta of 0.70. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96.

Insider Activity

In other Novagold Resources news, Director Hume D. Kyle purchased 10,000 shares of the company's stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the transaction, the director owned 22,348 shares in the company, valued at $91,626.80. The trade was a 80.98% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.39% of the company's stock.

Institutional Investors Weigh In On Novagold Resources

Several hedge funds have recently made changes to their positions in NG. Cary Street Partners Financial LLC bought a new position in shares of Novagold Resources in the first quarter worth about $29,000. Squarepoint Ops LLC purchased a new position in shares of Novagold Resources in the 4th quarter worth approximately $35,000. Dauntless Investment Group LLC purchased a new position in shares of Novagold Resources in the 1st quarter worth approximately $39,000. Shepherd Financial Partners LLC purchased a new position in shares of Novagold Resources in the 2nd quarter worth approximately $41,000. Finally, Quadrature Capital Ltd purchased a new position in Novagold Resources during the 2nd quarter valued at $44,000. 57.56% of the stock is currently owned by 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.

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