Novagold Resources Sees Unusually High Options Volume (NYSEAMERICAN:NG)

Key Points

• Novagold Resources saw unusually high call-option activity on Wednesday, with 4,318 calls purchased—about 86% above its average volume.
• Analyst sentiment remains positive: the stock has a consensus “Buy” rating and an average price target of $12.42, despite Morgan Stanley trimming its target to $13.60.
• NG shares rose 3.4% to $8.16, while institutional investors own 57.56% of the company; Novagold’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG was the target of some unusual options trading activity on Wednesday. Traders purchased 4,318 call options on the stock. This represents an increase of approximately 86% compared to the average volume of 2,322 call options.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NG. Morgan Stanley decreased their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. B. Riley Financial assumed coverage on Novagold Resources in a report on Monday, August 3rd. They set a "buy" rating and a $9.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $12.42.

Novagold Resources Trading Up 3.4%

Shares of Novagold Resources stock traded up $0.27 on Wednesday, hitting $8.16. 1,207,329 shares of the company traded hands, compared to its average volume of 4,172,579. The stock's 50 day moving average price is $7.06 and its 200-day moving average price is $8.33. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. Novagold Resources has a 52 week low of $5.07 and a 52 week high of $14.40. The company has a market cap of $3.58 billion, a PE ratio of -48.01 and a beta of 0.92.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. Equities research analysts predict that Novagold Resources will post -0.13 EPS for the current year.

Institutional Investors Weigh In On Novagold Resources

Several large investors have recently modified their holdings of NG. Sunbelt Securities Inc. increased its position in shares of Novagold Resources by 34,166.7% during the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company's stock worth $28,000 after purchasing an additional 3,075 shares in the last quarter. Leonteq Securities AG acquired a new position in Novagold Resources during the 4th quarter valued at about $38,000. Kestra Advisory Services LLC purchased a new stake in Novagold Resources in the fourth quarter valued at about $47,000. Harbor Investment Advisory LLC purchased a new stake in Novagold Resources in the second quarter valued at about $33,000. Finally, Assetmark Inc. purchased a new stake in shares of Novagold Resources during the first quarter worth about $84,000. Institutional investors own 57.56% of the company's stock.

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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