Novagold Resources (NYSEAMERICAN:NG) Trading 5.4% Higher - Time to Buy?

Key Points

• Novagold Resources shares rose 5.4% to approximately $9.20 in mid-day trading, although volume was 74% below the average session level.
• Analysts maintain a bullish outlook: the stock has a consensus “Buy” rating and an average price target of $12.42, with ratings including one Strong Buy, seven Buys, and one Hold.
• The company reported a quarterly loss of $0.06 per share, while institutional investors and hedge funds own 57.56% of the stock. Novagold’s flagship asset is the Donlin Gold project in Alaska, operated through a 50/50 joint venture with Barrick Gold.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's stock price traded up 5.4% during mid-day trading on Monday . The company traded as high as $9.18 and last traded at $9.1950. Approximately 1,054,263 shares traded hands during trading, a decline of 74% from the average session volume of 4,091,698 shares. The stock had previously closed at $8.72.

Analysts Set New Price Targets

Several analysts have recently issued reports on NG shares. Scotiabank raised shares of Novagold Resources to a "strong-buy" rating in a research report on Wednesday, May 6th. Morgan Stanley dropped their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Finally, B. Riley Financial started coverage on shares of Novagold Resources in a research note on Monday, August 3rd. They set a "buy" rating and a $9.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $12.42.

Novagold Resources Stock Performance

The stock has a market capitalization of $4.04 billion, a PE ratio of -54.75 and a beta of 0.85. The stock has a fifty day moving average of $6.70 and a 200-day moving average of $8.45. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last released its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. Equities analysts anticipate that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

A number of institutional investors and hedge funds have recently made changes to their positions in NG. Torren Management LLC acquired a new stake in Novagold Resources in the fourth quarter valued at approximately $27,000. Sunbelt Securities Inc. grew its holdings in Novagold Resources by 34,166.7% during the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company's stock worth $28,000 after acquiring an additional 3,075 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Novagold Resources in the 4th quarter valued at approximately $38,000. Kestra Advisory Services LLC purchased a new stake in shares of Novagold Resources in the 4th quarter valued at approximately $47,000. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Novagold Resources by 307.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company's stock valued at $49,000 after purchasing an additional 4,000 shares in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

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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