Novagold Resources (NYSEAMERICAN:NG) Reaches New 52-Week High - Still a Buy?

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

Analysts Set New Price Targets

NG has been the topic of a number of research reports. National Bank Financial upgraded shares of Novagold Resources to a "hold" rating in a report on Friday, March 21st. Citigroup assumed coverage on shares of Novagold Resources in a research note on Wednesday. They issued a "buy" rating and a $7.00 price target on the stock. Finally, Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th.

Novagold Resources Stock Up 5.7%

The company's fifty day moving average is $4.10 and its 200-day moving average is $3.56. The company has a market capitalization of $2.13 billion, a PE ratio of -21.79 and a beta of 0.67. 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 Activity at Novagold Resources

In related news, Director Hume D. Kyle purchased 10,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the acquisition, the director owned 22,348 shares of the company's stock, valued at approximately $91,626.80. This represents a 80.98% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.88% of the company's stock.

Institutional Trading of Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC increased its stake in Novagold Resources by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company's stock worth $26,000 after purchasing an additional 6,959 shares during the period. Cary Street Partners Financial LLC purchased a new stake in Novagold Resources in the first quarter worth $29,000. Squarepoint Ops LLC purchased a new stake in Novagold Resources in the fourth quarter worth $35,000. Dauntless Investment Group LLC purchased a new stake in Novagold Resources in the first quarter worth $39,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Novagold Resources in the first quarter worth $44,000. Hedge funds and other 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.