Novagold Resources (NYSEAMERICAN:NG) Sets New 1-Year High - Here's What Happened

Key Points

• Novagold Resources Inc. reached a new 52-week high of $7.33, indicating strong trading performance with a significant volume of over 3.27 million shares traded.
• Analysts have shown a positive outlook, with Royal Bank of Canada upgrading the stock to "outperform" and setting a target price of $7.00, reflecting a consensus average rating of "Buy."
• Insider trading activity also supports investor confidence, as Director Hume D. Kyle significantly increased his stake by acquiring 10,000 shares at $4.10 each.

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG hit a new 52-week high during trading on Tuesday . The company traded as high as $7.33 and last traded at $7.30, with a volume of 3274331 shares trading hands. The stock had previously closed at $6.92.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NG shares. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. Citigroup started coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a "buy" rating and a $7.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Novagold Resources currently has an average rating of "Buy" and a consensus target price of $7.00.

Novagold Resources Stock Up 3.9%

The stock has a market cap of $3.06 billion, a price-to-earnings ratio of -31.37 and a beta of 0.66. The firm's 50-day simple moving average is $6.11 and its two-hundred day simple moving average is $4.50. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72.

Insider Transactions at Novagold Resources

In other news, Director Hume D. Kyle bought 10,000 shares of the business's stock in a transaction on Monday, June 30th. The stock was acquired at an average price of $4.10 per share, with a total value of $41,000.00. Following the completion of the purchase, the director directly owned 22,348 shares in the company, valued at $91,626.80. This represents a 80.98% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.88% of the stock is owned by corporate insiders.

Institutional Trading of Novagold Resources

Large investors have recently added to or reduced their stakes in the company. Robertson Stephens Wealth Management LLC raised its holdings in Novagold Resources by 0.7% during the 2nd quarter. Robertson Stephens Wealth Management LLC now owns 289,101 shares of the mining company's stock valued at $1,182,000 after buying an additional 1,868 shares during the last quarter. CWM LLC raised its position in shares of Novagold Resources by 20.3% during the second quarter. CWM LLC now owns 12,688 shares of the mining company's stock valued at $52,000 after buying an additional 2,137 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Novagold Resources by 21.0% during the first 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. Investment Management Corp of Ontario raised its holdings in shares of Novagold Resources by 18.6% in the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company's stock valued at $76,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Novagold Resources by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock valued at $483,000 after acquiring an additional 3,871 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.