Novagold Resources (NYSEAMERICAN:NG) Upgraded to “Hold” at Zacks Research

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on NG. Canaccord Genuity Group began coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price on the stock. B. Riley Financial boosted their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Scotiabank assumed coverage on Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating on the stock. Finally, Royal Bank Of Canada reduced their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Novagold Resources currently has an average rating of “Moderate Buy” and a consensus price target of $13.13.

Novagold Resources Stock Up 11.8%

Shares of NG opened at $8.98 on Monday. The stock has a market capitalization of $3.94 billion, a PE ratio of -35.92 and a beta of 0.75. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $14.40. The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. The company’s 50-day simple moving average is $10.36 and its 200-day simple moving average is $9.60.

Insider Activity at Novagold Resources

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the purchase, the director owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.39% of the company’s stock.

Institutional Trading of Novagold Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of NG. Van ECK Associates Corp raised its position in shares of Novagold Resources by 29.2% during the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after acquiring an additional 1,842,582 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. Capital World Investors increased its stake in Novagold Resources by 12.8% in the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after purchasing an additional 2,000,000 shares during the last quarter. Alps Advisors Inc. increased its stake in Novagold Resources by 32.7% in the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock valued at $14,479,000 after purchasing an additional 405,843 shares during the last quarter. Finally, CapWealth Advisors LLC acquired a new stake in Novagold Resources during the third quarter worth approximately $616,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Novagold Resources Company Profile

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.