Novagold Resources (NYSEAMERICAN:NG) Reaches New 52-Week High – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $12.11 and last traded at $12.0550, with a volume of 1293835 shares. The stock had previously closed at $11.67.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Scotiabank assumed coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. BMO Capital Markets started coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They set an “outperform” rating on the stock. Finally, B. Riley Financial lifted their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Six investment 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.83.

Novagold Resources Stock Performance

The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $10.10 and a 200-day moving average of $8.89. The company has a market cap of $5.20 billion, a PE ratio of -47.86 and a beta of 0.82.

Insider Activity

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was bought at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Novagold Resources

Several large investors have recently modified their holdings of the stock. Electrum Group LLC bought a new stake in Novagold Resources in the 4th quarter worth approximately $865,854,000. Lingotto Investment Management LLP boosted its stake in shares of Novagold Resources by 60.7% in the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after buying an additional 13,180,065 shares during the last quarter. Teacher Retirement System of Texas increased its position in Novagold Resources by 518.9% during the second quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock valued at $19,513,000 after acquiring an additional 4,000,000 shares during the last quarter. Vanguard Group Inc. increased its position in Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after acquiring an additional 2,815,780 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the period. Hedge funds and other institutional investors 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.