Novagold Resources (NYSEAMERICAN:NG) Rating Increased to Strong-Buy at Citigroup

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG was upgraded by equities research analysts at Citigroup to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

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

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG traded down $0.08 during trading hours on Tuesday, hitting $5.39. 3,585,120 shares of the stock were exchanged, compared to its average volume of 2,597,749. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72. The company has a market cap of $2.19 billion, a PE ratio of -22.46 and a beta of 0.67. The company's fifty day simple moving average is $4.17 and its two-hundred day simple moving average is $3.59. Novagold Resources has a 1-year low of $2.26 and a 1-year high of $5.59.

Insiders Place Their Bets

In other Novagold Resources news, Director Hume D. Kyle bought 10,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $4.10 per share, with a total value of $41,000.00. Following the completion of the transaction, the director directly owned 22,348 shares in the company, valued at approximately $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 this link. Company insiders own 2.88% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in Novagold Resources by 4.9% in the fourth quarter. Barclays PLC now owns 962,552 shares of the mining company's stock valued at $3,206,000 after acquiring an additional 44,717 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Novagold Resources in the first quarter valued at about $56,000. Sowell Financial Services LLC purchased a new position in Novagold Resources in the first quarter valued at about $146,000. Raymond James Financial Inc. purchased a new position in Novagold Resources in the fourth quarter valued at about $1,952,000. Finally, Rhumbline Advisers boosted its stake in Novagold Resources by 2.6% in the first quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock valued at $1,137,000 after acquiring an additional 9,797 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

About Novagold Resources

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.