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

Key Points

• NovaGold Resources saw unusually heavy options activity on Monday, with investors purchasing 5,152 call options—93% above the typical daily volume.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and an average price target of $12.25; individual targets range from $9.00 to $13.00.
• The stock rose 0.1% to $6.01, while institutional ownership stood at 57.56%. NovaGold reported a quarterly loss of $0.08 per share, slightly below the $0.07-per-share consensus estimate.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG was the recipient of unusually large options trading on Monday. Stock investors acquired 5,152 call options on the company. This represents an increase of 93% compared to the typical daily volume of 2,672 call options.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Morgan Stanley reduced their target price on Novagold Resources from $13.60 to $13.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 7th. B. Riley Financial began coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a "buy" rating and a $9.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $12.25.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake in shares of Novagold Resources by 98.1% in the 3rd quarter. Signaturefd LLC now owns 13,440 shares of the mining company's stock worth $87,000 after acquiring an additional 6,654 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Novagold Resources by 751.4% during the third quarter. Sterling Capital Management LLC now owns 10,430 shares of the mining company's stock worth $68,000 after acquiring an additional 9,205 shares in the last quarter. Abel Hall LLC grew its holdings in Novagold Resources by 42.3% in the third quarter. Abel Hall LLC now owns 18,056 shares of the mining company's stock worth $117,000 after purchasing an additional 5,363 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Novagold Resources in the third quarter worth about $49,000. Finally, Mirador Capital Partners LP bought a new position in shares of Novagold Resources during the third quarter valued at approximately $1,231,000. Hedge funds and other institutional investors own 57.56% of the company's stock.

Novagold Resources Trading Up 0.1%

NG stock traded up $0.01 during trading on Monday, reaching $6.01. The company had a trading volume of 988,065 shares, compared to its average volume of 4,342,325. 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 $2.64 billion, a P/E ratio of -28.50 and a beta of 0.95. The business has a 50 day moving average of $7.41 and a 200 day moving average of $7.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 44.51 and a quick ratio of 44.51.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.01). As a group, sell-side analysts forecast that Novagold Resources will post -0.18 earnings per share for the current fiscal year.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian precious metals exploration and development company focused primarily on advancing large-scale gold projects in North America. The company does not currently operate producing mines; its activities center on exploration, technical studies, permitting, project development and working with partners to advance mineral assets.

NovaGold's principal asset is the Donlin Gold project in southwest Alaska, one of the largest undeveloped gold deposits in the world.

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