Novagold Resources (NYSEAMERICAN:NG) Trading 11.9% Higher - What's Next?

Key Points

• Shares jumped 11.9% on Wednesday to $8.8720 (intraday high $8.85) on 2.13M shares traded, up from a prior close of $7.93 while volume was 44% below the average session level.
• Analysts are broadly bullish with 8 Buy ratings and 1 Hold, an average price target of $13.26, and recent positive notes including B. Riley ($13, buy), Morgan Stanley (overweight, $13.80) and Canaccord ($13, speculative buy).
• Company snapshot: market cap ~$3.96B, negative P/E (-34.73), 50- and 200-day moving averages near $9.7–$9.9, and the flagship asset is the Donlin Gold 50/50 joint venture with Barrick; institutional ownership is ~57.6%.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG traded up 11.9% during trading on Wednesday . The company traded as high as $8.85 and last traded at $8.8720. 2,125,221 shares were traded during trading, a decline of 44% from the average session volume of 3,824,101 shares. The stock had previously closed at $7.93.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, January 27th. Zacks Research upgraded Novagold Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Morgan Stanley assumed coverage on Novagold Resources in a research note on Thursday, April 9th. They set an "overweight" rating and a $13.80 target price on the stock. Canaccord Genuity Group initiated coverage on Novagold Resources in a research note on Friday, March 27th. They set a "speculative buy" rating and a $13.00 target price on the stock. Finally, Scotiabank initiated coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a "sector outperform" rating on the stock. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $13.26.

Novagold Resources Price Performance

The business's fifty day moving average is $9.91 and its 200 day moving average is $9.67. The company has a market cap of $3.96 billion, a P/E ratio of -34.73 and a beta of 0.76. The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Torren Management LLC bought a new stake in Novagold Resources during the 4th quarter valued at $27,000. Leonteq Securities AG bought a new stake in Novagold Resources during the 4th quarter valued at $38,000. Hantz Financial Services Inc. bought a new stake in Novagold Resources during the 3rd quarter valued at $40,000. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources during the 1st quarter valued at $44,000. Finally, Kestra Advisory Services LLC bought a new stake in Novagold Resources during the 4th quarter valued at $47,000. 57.56% of the stock is currently owned by institutional investors.

About Novagold Resources

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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