Novagold Resources (NYSEAMERICAN:NG) Trading Up 4.1% After Analyst Upgrade

Key Points

• Novagold Resources Inc. shares rose by 4.1% after B. Riley upgraded its price target from $9.00 to $11.00, maintaining a buy rating on the stock.
• The company's average rating is a Buy, with three analysts recommending a buy and one a hold, while its average price target is $8.33.
• Institutional investors own 57.56% of Novagold Resources, with several firms increasing their stakes in the first quarter of this year.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG rose 4.1% on Tuesday after B. Riley raised their price target on the stock from $9.00 to $11.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $8.88 and last traded at $8.83. Approximately 479,216 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 3,636,096 shares. The stock had previously closed at $8.48.

NG has been the subject of a number of other research reports. Royal Bank Of Canada upgraded Novagold Resources from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th. Citigroup started coverage on shares of Novagold Resources in a report on Wednesday, July 16th. They set a "buy" rating and a $7.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Novagold Resources presently has an average rating of "Buy" and an average price target of $8.33.

Hedge Funds Weigh In On Novagold Resources

A number of institutional investors have recently bought and sold shares of NG. Allspring Global Investments Holdings LLC acquired a new position in shares of Novagold Resources in the first quarter worth about $56,000. Sowell Financial Services LLC purchased a new stake in shares of Novagold Resources in the 1st quarter valued at approximately $146,000. Principal Financial Group Inc. raised its position in Novagold Resources by 21.0% during the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after acquiring an additional 2,848 shares in the last quarter. Rhumbline Advisers grew its position in Novagold Resources by 2.6% in the first quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock worth $1,137,000 after acquiring an additional 9,797 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of 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 purchasing an additional 19,017 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company's stock.

Novagold Resources Stock Performance

The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. The stock has a fifty day moving average price of $6.43 and a 200 day moving average price of $4.73. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of -37.31 and a beta of 0.66.

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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