Lingotto Investment Management LLP Buys 13,180,065 Shares of Novagold Resources Inc. $NG

Lingotto Investment Management LLP boosted its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 60.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,902,954 shares of the mining company’s stock after acquiring an additional 13,180,065 shares during the quarter. Novagold Resources accounts for 3.0% of Lingotto Investment Management LLP’s portfolio, making the stock its 11th largest position. Lingotto Investment Management LLP owned about 8.58% of Novagold Resources worth $142,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in NG. Cary Street Partners Financial LLC acquired a new stake in shares of Novagold Resources during the 1st quarter worth about $29,000. Quadrature Capital Ltd bought a new stake in Novagold Resources during the second quarter worth about $44,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources during the first quarter worth approximately $44,000. Abel Hall LLC acquired a new stake in shares of Novagold Resources during the second quarter worth approximately $47,000. Finally, CWM LLC raised its stake in shares of Novagold Resources by 20.3% in the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock valued at $52,000 after acquiring an additional 2,137 shares during the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Trading Up 0.2%

NG stock opened at $9.95 on Friday. The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92. Novagold Resources Inc. has a twelve month low of $2.26 and a twelve month high of $10.90. The company has a market cap of $4.05 billion, a P/E ratio of -39.80 and a beta of 0.81. The business has a fifty day moving average of $9.07 and a 200-day moving average of $6.63.

Analysts Set New Price Targets

NG has been the subject of a number of recent analyst reports. B. Riley raised their price target on Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Citigroup increased their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Zacks Research lowered Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Finally, BMO Capital Markets initiated coverage on shares of Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.17.

Novagold Resources Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.