Novagold Resources (NYSEAMERICAN:NG) Now Covered by B. Riley Financial

Key Points

• B. Riley Financial initiated coverage of Novagold Resources with a “buy” rating and a $9.00 price target, implying 56.74% upside from the prior close.
• Analyst sentiment is broadly positive: Novagold has a consensus “Buy” rating and an average price target of $12.42, based on one Strong Buy, seven Buy, and one Hold rating.
• Shares recently traded at $5.74, near the lower end of their 52-week range of $5.07 to $14.40, while institutional investors and hedge funds own 57.56% of the company.

Equities researchers at B. Riley Financial initiated coverage on shares of Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG in a note issued to investors on Monday. The brokerage set a "buy" rating and a $9.00 price target on the mining company's stock. B. Riley Financial's target price would indicate a potential upside of 56.74% from the company's previous close.

Several other equities research analysts also recently issued reports on NG. Morgan Stanley cut their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. Scotiabank raised Novagold Resources to a "strong-buy" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Novagold Resources has a consensus rating of "Buy" and a consensus target price of $12.42.

Novagold Resources Stock Performance

Shares of NYSEAMERICAN:NG traded down $0.09 on Monday, hitting $5.74. The company had a trading volume of 231,101 shares, compared to its average volume of 4,012,346. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -33.75 and a beta of 0.85. The stock has a 50 day moving average price of $6.77 and a 200 day moving average price of $8.73. Novagold Resources has a 1-year low of $5.07 and a 1-year high of $14.40. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last posted its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. Analysts expect that Novagold Resources will post -0.16 EPS for the current year.

Institutional Trading of Novagold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Torren Management LLC acquired a new position in shares of Novagold Resources during the 4th quarter worth approximately $27,000. Sunbelt Securities Inc. raised its position in shares of Novagold Resources by 34,166.7% in the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company's stock valued at $28,000 after buying an additional 3,075 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Novagold Resources in the second quarter valued at approximately $33,000. Leonteq Securities AG acquired a new stake in shares of Novagold Resources in the fourth quarter valued at approximately $38,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources in the first quarter valued at approximately $44,000. Institutional investors and hedge funds own 57.56% of the company's stock.

Novagold Resources Company Profile

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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