Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up - What's Next?

Key Points

• Novagold Resources shares gapped higher, opening at $8.29 versus a prior close of $8.03 and last trading at $8.4770 on volume of 400,344 shares.
• Analyst sentiment remains positive, with an average “Buy” rating and an average price target of $12.42. Recent actions included Scotiabank upgrading the stock to “strong buy” and B. Riley assigning a $9 target, while Morgan Stanley lowered its target slightly to $13.60.
• Institutional investors own 57.56% of the company, with major holders including Vanguard, UBS, Principal Financial Group, Amundi and Electrum Group. Novagold’s flagship asset is the Donlin Gold project in Alaska, operated through a 50/50 joint venture with Barrick Gold.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG gapped up before the market opened on Wednesday . The stock had previously closed at $8.03, but opened at $8.29. Novagold Resources shares last traded at $8.4770, with a volume of 400,344 shares trading hands.

Analysts Set New Price Targets

NG has been the topic of several research analyst reports. Scotiabank upgraded shares of Novagold Resources to a "strong-buy" rating in a report on Wednesday, May 6th. B. Riley Financial assumed coverage on shares of Novagold Resources in a report on Monday, August 3rd. They issued a "buy" rating and a $9.00 target price on the stock. Finally, Morgan Stanley reduced their price objective on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Novagold Resources has an average rating of "Buy" and an average target price of $12.42.

Novagold Resources Stock Performance

The firm has a fifty day simple moving average of $6.86 and a 200-day simple moving average of $8.41. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -48.74 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 for the quarter. Analysts forecast that Novagold Resources Inc. will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Novagold Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Electrum Group LLC bought a new position in shares of Novagold Resources in the fourth quarter worth about $865,854,000. Vanguard Group Inc. increased its stake in shares of Novagold Resources by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company's stock valued at $137,647,000 after buying an additional 173,474 shares during the period. UBS Group AG raised its position in shares of Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company's stock worth $119,837,000 after acquiring an additional 2,443,511 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company's stock worth $51,380,000 after acquiring an additional 5,704,403 shares during the period. Finally, Amundi lifted its stake in shares of Novagold Resources by 11.5% in the first quarter. Amundi now owns 5,050,474 shares of the mining company's stock worth $45,353,000 after acquiring an additional 521,388 shares during the period. 57.56% of the stock is owned by institutional investors.

Novagold Resources Company Profile

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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