Novagold Resources (NYSEAMERICAN:NG) Hits New 12-Month High - Still a Buy?

Key Points

• Novagold Resources shares reached a new 52-week high of $6.98 amid increased trading volumes, with the last price at $6.71.
• Royal Bank of Canada upgraded the company's rating from "sector perform" to "outperform" with a new target price of $7.00.
• Institutional investors now hold approximately 57.56% of Novagold's stock, indicating strong interest from major investment firms.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $6.98 and last traded at $6.71, with a volume of 1494725 shares changing hands. The stock had previously closed at $6.74.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NG shares. Royal Bank Of Canada upgraded shares of 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 research report on Wednesday, June 4th. Citigroup began coverage on shares of Novagold Resources in a research report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $7.00.

Novagold Resources Stock Down 1.1%

The company has a quick ratio of 76.72, a current ratio of 76.72 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $2.71 billion, a P/E ratio of -27.77 and a beta of 0.66. The firm has a 50-day moving average price of $5.70 and a two-hundred day moving average price of $4.27.

Insider Transactions at Novagold Resources

In related news, Director Hume D. Kyle acquired 10,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was purchased at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the completion of the purchase, the director directly owned 22,348 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this hyperlink. 2.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Novagold Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NG. Allspring Global Investments Holdings LLC bought a new position in shares of Novagold Resources during the 1st quarter valued at about $56,000. Sowell Financial Services LLC bought a new position in shares of Novagold Resources during the 1st quarter valued at about $146,000. Principal Financial Group Inc. lifted its holdings in shares of Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after purchasing an additional 2,848 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Novagold Resources by 2.6% during the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock valued at $1,137,000 after purchasing an additional 9,797 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of Novagold Resources by 2.8% during the 1st quarter. TD Asset Management Inc now owns 700,313 shares of the mining company's stock valued at $2,044,000 after purchasing an additional 19,017 shares in the last quarter. Institutional investors own 57.56% of the company's stock.

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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