Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.89 and traded as high as $6.12. Novagold Resources shares last traded at $6.05, with a volume of 2,417,543 shares changing hands.
Wall Street Analyst Weigh In
NG has been the subject of a number of recent research reports. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock 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 set a "buy" rating and a $7.00 price objective for the company.
Check Out Our Latest Research Report on NG
Novagold Resources Price Performance
The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -25.21 and a beta of 0.70. The company's fifty day moving average is $4.97 and its two-hundred day moving average is $3.89.
Insider Buying and Selling
In other news, Director Hume D. Kyle acquired 10,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the acquisition, the director directly owned 22,348 shares of the company's stock, valued at $91,626.80. This represents a 80.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.39% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Novagold Resources
Several hedge funds and other institutional investors have recently modified their holdings of NG. JPMorgan Chase & Co. grew its position in shares of Novagold Resources by 105.2% during the 4th quarter. JPMorgan Chase & Co. now owns 809,937 shares of the mining company's stock valued at $2,697,000 after buying an additional 415,188 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Novagold Resources by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock valued at $10,220,000 after buying an additional 20,218 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Novagold Resources by 25.1% during the 4th quarter. Wells Fargo & Company MN now owns 147,789 shares of the mining company's stock valued at $492,000 after buying an additional 29,694 shares during the last quarter. Invesco Ltd. grew its position in shares of Novagold Resources by 1.7% during the 4th quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company's stock valued at $7,705,000 after buying an additional 39,167 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Novagold Resources during the 4th quarter valued at about $1,952,000. Institutional investors own 57.56% of the company's stock.
About Novagold Resources
(
Get Free Report)
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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