Novagold Resources (NYSEAMERICAN:NG) Trading 10.7% Higher Following Insider Buying Activity

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was up 10.7% during trading on Monday following insider buying activity. The stock traded as high as $10.16 and last traded at $10.1750. Approximately 2,399,720 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 4,226,674 shares. The stock had previously closed at $9.19.

Specifically, Director Dawn Patricia Whittaker acquired 4,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the acquisition, the director directly owned 4,000 shares in the company, valued at $37,440. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link.

Analyst Ratings Changes

NG has been the subject of several analyst reports. B. Riley Financial upped their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Scotiabank began coverage on Novagold Resources in a research report on Friday. They set a “sector outperform” rating for the company. BMO Capital Markets began coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating on the stock. Zacks Research lowered shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Novagold Resources presently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Stock Up 9.3%

The business’s 50 day simple moving average is $9.85 and its 200 day simple moving average is $8.44. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $4.09 billion, a PE ratio of -40.51 and a beta of 0.82.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amitell Capital Pte Ltd bought a new stake in Novagold Resources in the second quarter worth $2,355,000. Teacher Retirement System of Texas grew its holdings in Novagold Resources by 518.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock valued at $19,513,000 after purchasing an additional 4,000,000 shares during the last quarter. CapWealth Advisors LLC purchased a new position in Novagold Resources in the 3rd quarter worth about $616,000. Sage Rhino Capital LLC grew its holdings in Novagold Resources by 337.0% during the 3rd quarter. Sage Rhino Capital LLC now owns 139,854 shares of the mining company’s stock worth $1,231,000 after acquiring an additional 107,854 shares in the last quarter. Finally, Alps Advisors Inc. grew its holdings in shares of Novagold Resources by 32.7% during the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock valued at $14,479,000 after buying an additional 405,843 shares during the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

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.