Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 4.3% - Should You Buy?

Key Points

• Novagold Resources' stock price increased by **4.3%** during mid-day trading, reaching a high of **$10.12** before closing at **$10.08**.
• B. Riley raised its target price for Novagold from **$9.00 to $11.00**, maintaining a **"buy"** rating, while the consensus rating for the stock is currently **"Buy"** with an average price target of **$8.33**.
• Institutional investors have significantly increased their holdings in Novagold recently, with Osaic Holdings boosting its stake by **803.9%** during the second quarter.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price shot up 4.3% during mid-day trading on Tuesday . The stock traded as high as $10.12 and last traded at $10.08. 1,619,635 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 3,721,422 shares. The stock had previously closed at $9.66.

Analysts Set New Price Targets

NG has been the topic of several recent analyst reports. B. Riley boosted their target price on Novagold Resources from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Citigroup started coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a "buy" rating and a $7.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $8.33.

Novagold Resources Stock Up 2.2%

The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of -39.90 and a beta of 0.77. The business has a 50-day moving average price of $6.83 and a 200-day moving average price of $4.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. boosted its position in Novagold Resources by 803.9% during the 2nd quarter. Osaic Holdings Inc. now owns 137,024 shares of the mining company's stock worth $560,000 after acquiring an additional 121,864 shares during the period. Marex Group plc acquired a new position in Novagold Resources in the 2nd quarter valued at approximately $86,000. Tower Research Capital LLC TRC lifted its position in Novagold Resources by 305.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 31,479 shares of the mining company's stock worth $129,000 after buying an additional 23,720 shares in the last quarter. Vident Advisory LLC boosted its stake in shares of Novagold Resources by 3.9% during the 2nd quarter. Vident Advisory LLC now owns 267,484 shares of the mining company's stock valued at $1,094,000 after buying an additional 10,078 shares during the period. Finally, Hara Capital LLC grew its holdings in shares of Novagold Resources by 3,776.9% during the 2nd quarter. Hara Capital LLC now owns 71,956 shares of the mining company's stock valued at $294,000 after acquiring an additional 70,100 shares in the last quarter. 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.

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