Novagold Resources (NYSEAMERICAN:NG) Reaches New 52-Week High - Here's What Happened

Key Points

• Novagold Resources Inc. reached a new 52-week high, trading at $7.81, with a closing price of $7.64 and a trading volume of over 3.6 million shares.
• Analysts have upgraded Novagold's rating to outperform and set a price target of $7.00, reflecting positive sentiment towards the company's prospects.
• Institutional investments have surged, with significant increases in holdings by hedge funds, including a 518.9% increase by the Teacher Retirement System of Texas during the second quarter.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price reached a new 52-week high on Tuesday . The stock traded as high as $7.81 and last traded at $7.64, with a volume of 3660246 shares trading hands. The stock had previously closed at $7.53.

Wall Street Analyst Weigh In

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

Novagold Resources Stock Performance

The firm's fifty day moving average price is $6.16 and its 200 day moving average price is $4.55. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -31.83 and a beta of 0.66.

Insider Activity at Novagold Resources

In related news, Director Hume D. Kyle acquired 10,000 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were purchased 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. The trade was a 80.98% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.39% of the company's stock.

Institutional Investors Weigh In On Novagold Resources

A number of hedge funds have recently added to or reduced their stakes in NG. Lingotto Investment Management LLP lifted 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 buying an additional 13,180,065 shares in the last quarter. Teacher Retirement System of Texas lifted 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 buying an additional 4,000,000 shares in the last quarter. Bank of America Corp DE lifted its holdings in Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company's stock worth $11,886,000 after buying an additional 2,438,052 shares in the last quarter. Bornite Capital Management LP acquired a new stake in shares of Novagold Resources in the 2nd quarter valued at $8,180,000. Finally, Marshall Wace LLP acquired a new stake in shares of Novagold Resources in the 2nd quarter valued at $6,701,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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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