Novagold Resources (NYSEAMERICAN:NG) Reaches New 1-Year High After Analyst Upgrade

Key Points

• Novagold Resources' stock reached a new 52-week high following an upgrade from Citigroup, which raised its price target from $7.00 to $12.50 and maintained a buy rating.
• B. Riley also increased their target price for Novagold from $9.00 to $11.00, contributing to a consensus rating of "Moderate Buy" among analysts.
• Institutional investors own approximately 57.56% of Novagold's shares, highlighting significant interest and investment in the company.

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG reached a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $7.00 to $12.50. Citigroup currently has a buy rating on the stock. Novagold Resources traded as high as $10.44 and last traded at $10.52, with a volume of 1566033 shares traded. The stock had previously closed at $9.88.

Separately, B. Riley increased their target price on Novagold Resources from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Novagold Resources currently has an average rating of "Moderate Buy" and an average price target of $10.17.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Novagold Resources during the 1st quarter worth $56,000. Sowell Financial Services LLC acquired a new position in Novagold Resources during the 1st quarter worth about $146,000. Principal Financial Group Inc. lifted its holdings in Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock worth $48,000 after buying an additional 2,848 shares during the period. Rhumbline Advisers lifted its holdings in Novagold Resources by 2.6% during the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock worth $1,137,000 after buying an additional 9,797 shares during the period. Finally, TD Asset Management Inc lifted its holdings in Novagold Resources by 2.8% during the 1st quarter. TD Asset Management Inc now owns 700,313 shares of the mining company's stock worth $2,044,000 after buying an additional 19,017 shares during the period. Institutional investors own 57.56% of the company's stock.

Novagold Resources Price Performance

The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of -43.53 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The company has a fifty day simple moving average of $7.38 and a 200 day simple moving average of $5.23.

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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