Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – Should You Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.44, but opened at $11.11. Novagold Resources shares last traded at $10.8330, with a volume of 1,468,155 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on NG. BMO Capital Markets assumed coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Scotiabank began coverage on shares of Novagold Resources in a research note on Friday, February 6th. They issued a “sector outperform” rating for the company. B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Citigroup upped their target price on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Trading Up 7.3%

The business’s 50 day simple moving average is $9.86 and its 200 day simple moving average is $8.51. 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 has a market capitalization of $4.90 billion, a price-to-earnings ratio of -44.96 and a beta of 0.82.

Insider Transactions at Novagold Resources

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of Novagold Resources stock in a transaction on Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director directly owned 4,000 shares in the company, valued at approximately $37,440. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NG. Lingotto Investment Management LLP raised its stake in shares of Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after purchasing an additional 13,180,065 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Novagold Resources by 518.9% in 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 buying an additional 4,000,000 shares during the period. Vanguard Group Inc. raised its position in Novagold Resources by 23.9% during the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after buying an additional 2,815,780 shares during the last quarter. UBS Group AG raised its position in Novagold Resources by 21.9% during the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after buying an additional 2,443,511 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Novagold Resources by 520.9% in the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after acquiring an additional 2,438,052 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.