Novagold Resources (NYSEAMERICAN:NG) Hits New 52-Week High – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $11.29 and last traded at $10.86, with a volume of 2345163 shares traded. The stock had previously closed at $9.99.

Analyst Upgrades and Downgrades

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

Novagold Resources Price Performance

The company has a 50-day moving average of $9.64 and a 200-day moving average of $8.03. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of -41.96 and a beta of 0.83.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently modified their holdings of NG. Hantz Financial Services Inc. purchased a new position in Novagold Resources during the third quarter worth $40,000. Federated Hermes Inc. boosted its stake in shares of Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after acquiring an additional 1,610 shares during the last quarter. Shepherd Financial Partners LLC acquired a new position in Novagold Resources in the 2nd quarter valued at about $41,000. Cresset Asset Management LLC purchased a new position in Novagold Resources in the 3rd quarter valued at about $88,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Novagold Resources during the 2nd quarter worth about $44,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.