Novagold Resources (NYSEAMERICAN:NG) Sets New 12-Month High - Here's Why

Key Points

• Novagold Resources Inc. hit a new 52-week high of $10.44, with the last trading price at $10.23, and a total volume of 609,750 shares traded.
• B. Riley increased its price target for Novagold from $9.00 to $11.00, indicating a strong bullish sentiment in the market towards the stock.
• Institutional investors significantly boosted their positions in Novagold, with Osaic Holdings Inc. increasing its holdings by 803.9% in the second quarter.

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $10.44 and last traded at $10.23, with a volume of 609750 shares traded. The stock had previously closed at $10.07.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. B. Riley raised their price target on Novagold Resources from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Citigroup began coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a "buy" rating and a $7.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $8.33.

Novagold Resources Stock Up 2.0%

The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The company has a market capitalization of $4.18 billion, a P/E ratio of -41.01 and a beta of 0.77. The company has a 50 day moving average of $6.93 and a 200-day moving average of $4.99.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. lifted its holdings in Novagold Resources by 803.9% in the second quarter. Osaic Holdings Inc. now owns 137,024 shares of the mining company's stock worth $560,000 after buying an additional 121,864 shares during the period. Marex Group plc purchased a new stake in Novagold Resources in the second quarter worth about $86,000. Tower Research Capital LLC TRC lifted its holdings in Novagold Resources by 305.7% in the second quarter. Tower Research Capital LLC TRC now owns 31,479 shares of the mining company's stock worth $129,000 after buying an additional 23,720 shares during the period. Vident Advisory LLC lifted its holdings in Novagold Resources by 3.9% in the second quarter. Vident Advisory LLC now owns 267,484 shares of the mining company's stock worth $1,094,000 after buying an additional 10,078 shares during the period. Finally, Hara Capital LLC lifted its holdings in Novagold Resources by 3,776.9% in the second quarter. Hara Capital LLC now owns 71,956 shares of the mining company's stock worth $294,000 after buying an additional 70,100 shares during the period. 57.56% of the stock is currently owned by hedge funds and other 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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