Novagold Resources (NYSEAMERICAN:NG) Shares Up 10% - Still a Buy?

Key Points

• Novagold shares jumped 10% intraday to $8.525 on Monday, with 1.514 million shares trading—about 64% below its average session volume.
• Analyst coverage is mixed but the consensus is a Moderate Buy with an average target of $13.17 (six Buy ratings, one Sell); notable changes include B. Riley raising its target to $13 while RBC trimmed its target to $14.
• The company reports very high liquidity (quick and current ratios of 23.79), a market cap of $3.56 billion and a negative PE (-32.51); insiders own 2.39% of the stock and institutions hold 57.56%.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shot up 10% during mid-day trading on Monday . The company traded as high as $8.52 and last traded at $8.5250. 1,514,303 shares traded hands during trading, a decline of 64% from the average session volume of 4,198,248 shares. The stock had previously closed at $7.75.

Analysts Set New Price Targets

Several research firms have recently issued reports on NG. Scotiabank initiated coverage on Novagold Resources in a research report on Friday, February 6th. They set a "sector outperform" rating for the company. Zacks Research cut Novagold Resources from a "hold" rating to a "strong sell" rating in a research note on Friday, January 30th. B. Riley Financial upped their price target on Novagold Resources from $11.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday, January 27th. Finally, Royal Bank Of Canada dropped their price target on shares of Novagold Resources from $18.00 to $14.00 and set an "outperform" rating on the stock in a research note on Thursday. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Novagold Resources currently has an average rating of "Moderate Buy" and an average target price of $13.17.

Novagold Resources Trading Up 4.6%

The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $3.56 billion, a PE ratio of -32.51 and a beta of 0.74. The business's 50-day moving average is $10.64 and its two-hundred day moving average is $9.53.

Insider Transactions at Novagold Resources

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the business's stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Novagold Resources

Several large investors have recently modified their holdings of NG. Cubist Systematic Strategies LLC acquired a new position in shares of Novagold Resources in the 1st quarter valued at $44,000. AQR Capital Management LLC boosted its stake in Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company's stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company's stock worth $846,000 after purchasing an additional 4,896 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Novagold Resources in the first quarter valued at $157,000. Finally, Goldman Sachs Group Inc. increased its stake in Novagold Resources by 13.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company's stock valued at $5,159,000 after purchasing an additional 210,631 shares during the period. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company's flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.

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