Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 9.8% – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price was up 9.8% on Wednesday . The stock traded as high as $7.01 and last traded at $6.95. Approximately 2,443,930 shares changed hands during trading, a decline of 39% from the average session volume of 4,027,923 shares. The stock had previously closed at $6.33.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Morgan Stanley decreased their price target on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Finally, B. Riley Financial assumed coverage on Novagold Resources in a report on Monday. They set a “buy” rating and a $9.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $12.42.

Novagold Resources Stock Performance

The company’s 50-day moving average is $6.69 and its two-hundred day moving average is $8.67. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The company has a market cap of $3.02 billion, a P/E ratio of -40.38 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. Equities analysts predict that Novagold Resources Inc. will post -0.13 EPS for the current year.

Institutional Investors Weigh In On Novagold Resources

Hedge funds have recently modified their holdings of the stock. Electrum Group LLC purchased a new position in Novagold Resources in the fourth quarter valued at approximately $865,854,000. Principal Financial Group Inc. increased its position in Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock worth $51,380,000 after buying an additional 5,704,403 shares during the last quarter. UBS Group AG increased its position 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 worth $119,837,000 after buying an additional 2,443,511 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Novagold Resources by 520.9% in the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after buying an additional 2,438,052 shares during the period. Finally, Greenwich Wealth Management LLC bought a new stake in shares of Novagold Resources in the fourth quarter valued at $18,640,000. Institutional investors own 57.56% of the company’s stock.

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.