Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG rose 6.6% during mid-day trading on Thursday . The stock traded as high as $3.94 and last traded at $3.94. Approximately 1,548,576 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 2,456,615 shares. The stock had previously closed at $3.70.
Analysts Set New Price Targets
A number of analysts recently weighed in on NG shares. National Bank Financial upgraded shares of Novagold Resources to a "hold" rating in a research note on Friday, March 21st. Royal Bank Of Canada raised shares of 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 research report on Wednesday, June 4th.
Read Our Latest Stock Report on NG
Novagold Resources Stock Performance
The firm's 50-day moving average price is $3.96 and its two-hundred day moving average price is $3.48. The firm has a market cap of $1.67 billion, a PE ratio of -31.50 and a beta of 0.63.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of NG. Barclays PLC lifted its holdings in shares of Novagold Resources by 4.9% during the fourth quarter. Barclays PLC now owns 962,552 shares of the mining company's stock worth $3,206,000 after purchasing an additional 44,717 shares during the period. Sowell Financial Services LLC acquired a new position in Novagold Resources in the 1st quarter valued at $146,000. Raymond James Financial Inc. purchased a new position in Novagold Resources during the 4th quarter worth $1,952,000. Rhumbline Advisers lifted its stake in shares of Novagold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock worth $1,137,000 after acquiring an additional 9,797 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Novagold Resources by 46.0% in the fourth quarter. Deutsche Bank AG now owns 224,614 shares of the mining company's stock valued at $748,000 after acquiring an additional 70,780 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.
Novagold Resources Company Profile
(
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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