Novagold Resources (NYSEAMERICAN:NG) Trading 7.8% Higher After Insider Buying Activity

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG were up 7.8% during mid-day trading on Wednesday following insider buying activity. The company traded as high as $4.40 and last traded at $4.47. Approximately 645,419 shares changed hands during trading, a decline of 74% from the average daily volume of 2,489,100 shares. The stock had previously closed at $4.15.

Specifically, Director Hume D. Kyle acquired 10,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the acquisition, the director owned 22,348 shares in the company, valued at $91,626.80. The trade was a 80.98% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NG. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. National Bank Financial upgraded Novagold Resources to a "hold" rating in a report on Friday, March 21st.

Novagold Resources Trading Up 8.0%

The company has a fifty day moving average of $4.02 and a 200-day moving average of $3.48. The firm has a market capitalization of $1.82 billion, a PE ratio of -18.67 and a beta of 0.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NG. Kopernik Global Investors LLC boosted its stake in Novagold Resources by 9.3% during the 1st quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company's stock valued at $54,288,000 after purchasing an additional 1,584,886 shares during the last quarter. Vanguard Group Inc. increased its stake in Novagold Resources by 0.7% in 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. Geode Capital Management LLC raised its position in shares of Novagold Resources by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock valued at $10,220,000 after buying an additional 20,218 shares in the last quarter. Amundi grew its position in Novagold Resources by 15.6% during the first quarter. Amundi now owns 2,790,399 shares of the mining company's stock valued at $7,925,000 after acquiring an additional 375,697 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Novagold Resources by 1.7% during the fourth quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company's stock valued at $7,705,000 after buying an additional 39,167 shares during the period. 57.56% of the stock is owned by institutional investors.

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.