Electrum Group LLC Makes New Investment in Novagold Resources Inc. $NG

Electrum Group LLC purchased a new position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 92,902,813 shares of the mining company’s stock, valued at approximately $865,854,000. Novagold Resources accounts for approximately 75.5% of Electrum Group LLC’s investment portfolio, making the stock its biggest position. Electrum Group LLC owned about 21.21% of Novagold Resources as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of NG. Torren Management LLC acquired a new stake in Novagold Resources in the fourth quarter worth $27,000. Leonteq Securities AG bought a new position in shares of Novagold Resources during the fourth quarter valued at about $38,000. Hantz Financial Services Inc. bought a new position in shares of Novagold Resources during the third quarter valued at about $40,000. Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources during the first quarter valued at about $44,000. Finally, TD Waterhouse Canada Inc. lifted its position in shares of Novagold Resources by 307.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after purchasing an additional 4,000 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NG has been the topic of several research reports. Royal Bank Of Canada lowered their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Morgan Stanley initiated coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price objective on the stock. Canaccord Genuity Group started coverage on shares of Novagold Resources in a research report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price objective on the stock. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $13.26.

Novagold Resources Stock Performance

NYSEAMERICAN NG opened at $7.18 on Wednesday. The company’s 50 day moving average is $8.69 and its 200-day moving average is $9.61. Novagold Resources Inc. has a 12-month low of $3.61 and a 12-month high of $14.40. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. The firm has a market cap of $3.15 billion, a P/E ratio of -27.62 and a beta of 0.77.

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.