Novagold Resources (NYSEAMERICAN:NG) Trading 8.1% Higher - Time to Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's stock price traded up 8.1% on Monday . The stock traded as high as $5.79 and last traded at $5.83. 2,172,483 shares were traded during mid-day trading, a decline of 16% from the average session volume of 2,597,095 shares. The stock had previously closed at $5.39.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Citigroup assumed coverage on shares of Novagold Resources in a report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target on the stock. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th.

Novagold Resources Price Performance

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 50 day moving average price of $4.36 and a 200-day moving average price of $3.64. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -23.33 and a beta of 0.67.

Insider Buying and Selling at Novagold Resources

In related news, Director Hume D. Kyle acquired 10,000 shares of Novagold Resources stock in a transaction dated 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 completion of the purchase, the director owned 22,348 shares in the company, valued at approximately $91,626.80. The trade was a 80.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.88% of the company's stock.

Institutional Investors Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC increased its stake in Novagold Resources by 4.9% in the 4th quarter. Barclays PLC now owns 962,552 shares of the mining company's stock valued at $3,206,000 after buying an additional 44,717 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Novagold Resources in the 1st quarter valued at $56,000. Sowell Financial Services LLC acquired a new position in Novagold Resources in the 1st quarter valued at $146,000. Raymond James Financial Inc. acquired a new position in Novagold Resources in the 4th quarter valued at $1,952,000. Finally, Rhumbline Advisers increased its stake in Novagold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock valued at $1,137,000 after buying an additional 9,797 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Novagold Resources Company Profile

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.