Novagold Resources (NYSEAMERICAN:NG) Sets New 1-Year High – Still a Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $14.40 and last traded at $14.20, with a volume of 8442283 shares. The stock had previously closed at $13.32.

Analysts Set New Price Targets

NG has been the subject of a number of research reports. Zacks Research downgraded 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 for the company. Finally, B. Riley Financial increased their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note 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. According to MarketBeat.com, Novagold Resources presently has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Trading Down 0.2%

The company has a market cap of $5.57 billion, a PE ratio of -50.76 and a beta of 0.75. The business’s 50-day simple moving average is $10.45 and its 200-day simple moving average is $9.17. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Transactions at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was bought at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the acquisition, the director directly owned 4,000 shares of the company’s stock, valued at $37,440. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.88% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds have recently made changes to their positions in the business. Torren Management LLC bought a new position in Novagold Resources in the fourth quarter valued at $27,000. Leonteq Securities AG acquired a new position in Novagold Resources during the fourth quarter worth approximately $38,000. Hantz Financial Services Inc. acquired a new position in shares of Novagold Resources during the 3rd quarter worth approximately $40,000. Shepherd Financial Partners LLC acquired a new position in shares of Novagold Resources in the second quarter valued at $41,000. Finally, Quadrature Capital Ltd acquired a new position in Novagold Resources in the 2nd quarter valued at about $44,000. 57.56% of the stock is owned by institutional investors.

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.