Novagold Resources (NYSEAMERICAN:NG) Stock Rating Upgraded by Zacks Research

Key Points

• Novagold Resources has been upgraded by Zacks Research from a "hold" to a "strong-buy" rating, indicating a positive outlook for the stock.
• Multiple analysts have raised their price targets for Novagold, with B. Riley setting it at $11.00 and Citigroup at $12.50, reflecting growing confidence in the company's potential.
• The company has a market capitalization of $3.54 billion, with shares currently trading at $8.70, near its fifty-two week high of $10.90.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. B. Riley lifted their price target on Novagold Resources from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. Citigroup lifted their price target on Novagold Resources from $7.00 to $12.50 and gave the company a "buy" rating in a research note on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Novagold Resources has a consensus rating of "Buy" and an average price target of $10.17.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $8.70 on Tuesday. The stock has a market capitalization of $3.54 billion, a PE ratio of -34.80 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The business has a fifty day moving average price of $7.85 and a two-hundred day moving average price of $5.49. Novagold Resources has a fifty-two week low of $2.26 and a fifty-two week high of $10.90.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Novagold Resources during the 1st quarter worth $56,000. Principal Financial Group Inc. grew its position in Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock worth $48,000 after acquiring an additional 2,848 shares during the last quarter. TD Asset Management Inc grew its position in Novagold Resources by 2.8% during the 1st quarter. TD Asset Management Inc now owns 700,313 shares of the mining company's stock worth $2,044,000 after acquiring an additional 19,017 shares during the last quarter. Vanguard Group Inc. grew its position in Novagold Resources by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock worth $31,603,000 after acquiring an additional 71,256 shares during the last quarter. Finally, Nova R Wealth Inc. bought a new stake in Novagold Resources during the 2nd quarter worth $160,000. Institutional investors own 57.56% of the company's stock.

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.

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