Novagold Resources (NYSEAMERICAN:NG) Hits New 1-Year High - What's Next?

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares reached a new 52-week high on Wednesday . The company traded as high as $5.25 and last traded at $5.09, with a volume of 628772 shares trading hands. The stock had previously closed at $4.95.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NG. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th. Citigroup initiated coverage on shares of Novagold Resources in a research note on Wednesday. They set a "buy" rating and a $7.00 price objective on the stock. Finally, National Bank Financial raised shares of Novagold Resources to a "hold" rating in a report on Friday, March 21st.

Novagold Resources Stock Down 1.5%

The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72. The stock has a market capitalization of $2.19 billion, a P/E ratio of -22.46 and a beta of 0.67. The stock's fifty day moving average is $4.17 and its two-hundred day moving average is $3.59.

Insider Buying and Selling at Novagold Resources

In other news, Director Hume D. Kyle bought 10,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the purchase, the director owned 22,348 shares of the company's stock, valued at $91,626.80. This represents a 80.98% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Novagold Resources

Hedge funds have recently made changes to their positions in the stock. Kopernik Global Investors LLC lifted its stake in Novagold Resources by 9.3% during the first quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company's stock worth $54,288,000 after purchasing an additional 1,584,886 shares during the period. Vanguard Group Inc. grew its position in Novagold Resources by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock valued at $31,603,000 after acquiring an additional 71,256 shares during the period. Geode Capital Management LLC raised its stake in Novagold Resources by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock worth $10,220,000 after acquiring an additional 20,218 shares in the last quarter. Amundi boosted its position in Novagold Resources by 15.6% in the first quarter. Amundi now owns 2,790,399 shares of the mining company's stock valued at $7,925,000 after buying an additional 375,697 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Novagold Resources by 1.7% in the 4th quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company's stock worth $7,705,000 after acquiring an additional 39,167 shares in the last quarter. Institutional investors own 57.56% of the company's stock.

About Novagold Resources

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.