Novagold Resources (NYSEAMERICAN:NG) Sets New 1-Year High Following Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price reached a new 52-week high on Wednesday after B. Riley raised their price target on the stock from $11.00 to $13.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $11.76 and last traded at $11.74, with a volume of 8767466 shares changing hands. The stock had previously closed at $10.43.

A number of other research analysts have also weighed in on NG. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Zacks Research downgraded Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Citigroup increased their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Finally, BMO Capital Markets initiated coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating for the company. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors have recently made changes to their positions in NG. Hantz Financial Services Inc. purchased a new stake in Novagold Resources in the third quarter worth about $40,000. TD Waterhouse Canada Inc. raised its holdings in shares of Novagold Resources by 307.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after purchasing an additional 4,000 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after purchasing an additional 1,610 shares during the period. Shepherd Financial Partners LLC bought a new position in shares of Novagold Resources during the second quarter valued at approximately $41,000. Finally, Cresset Asset Management LLC purchased a new position in Novagold Resources during the third quarter valued at approximately $88,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Trading Down 3.7%

The company has a market capitalization of $4.60 billion, a PE ratio of -45.20 and a beta of 0.83. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The company’s fifty day moving average is $9.85 and its 200-day moving average is $8.24.

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.