NovaGold Resources Inc. (NG) Sees Large Growth in Short Interest
NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was the target of a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 13,440,714 shares, a growth of 7.0% from the January 12th total of 12,561,550 shares. Based on an average trading volume of 2,236,279 shares, the days-to-cover ratio is presently 6.0 days. Approximately 5.8% of the company’s shares are sold short.
Several research analysts have weighed in on the stock. B. Riley assumed coverage on shares of NovaGold Resources in a research note on Tuesday, December 19th. They issued a “buy” rating and a $7.00 price objective on the stock. Zacks Investment Research upgraded shares of NovaGold Resources from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Tuesday. Finally, BidaskClub upgraded shares of NovaGold Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, November 15th.
In other NovaGold Resources news, VP David Deisley sold 16,642 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $3.86, for a total value of $64,238.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Nieuwenhuyse Rick Van sold 150,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. The disclosure for this sale can be found here. Insiders have sold 183,310 shares of company stock worth $719,246 in the last 90 days.
Shares of NovaGold Resources (NYSEAMERICAN:NG) traded down $0.09 on Friday, hitting $3.60. 3,059,502 shares of the stock traded hands, compared to its average volume of 1,909,886. NovaGold Resources has a 52 week low of $3.35 and a 52 week high of $6.19. The firm has a market cap of $1,160.00, a price-to-earnings ratio of -30.00 and a beta of 0.07.
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About NovaGold Resources
Novagold Resources Inc is a mineral exploration company. The Company is engaged in the exploration and development of mineral properties. The Company’s segments include the Donlin Gold project in Alaska, the United States and the Galore Creek project in British Columbia, Canada. The Company operates in the gold mining industry, primarily focused on advancing permitting of the Donlin Gold project in Alaska.
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