Novagold Resources (NYSEAMERICAN:NG) Trading Up 3.5% – Here’s Why

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were up 3.5% during trading on Friday . The stock traded as high as $10.39 and last traded at $10.2870. Approximately 887,837 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 3,575,376 shares. The stock had previously closed at $9.94.

Wall Street Analyst Weigh In

NG has been the topic of a number of analyst reports. Zacks Research cut shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. BMO Capital Markets started coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Citigroup raised their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, B. Riley lifted their target price on Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Novagold Resources currently has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Novagold Resources Price Performance

The firm has a market capitalization of $4.17 billion, a PE ratio of -41.12 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The business’s 50 day moving average is $9.09 and its two-hundred day moving average is $7.26.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. bought a new position in shares of Novagold Resources during the 3rd quarter valued at about $40,000. Shepherd Financial Partners LLC purchased a new stake in Novagold Resources in the second quarter worth approximately $41,000. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources in the 1st quarter worth approximately $44,000. Quadrature Capital Ltd purchased a new stake in shares of Novagold Resources in the 2nd quarter valued at $44,000. Finally, Abel Hall LLC bought a new position in shares of Novagold Resources during the 2nd quarter valued at $47,000. Institutional investors own 57.56% of the company’s stock.

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.