Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $10.8333.

Several brokerages have commented on NG. Scotiabank began coverage on shares of Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial boosted their price target on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. BMO Capital Markets started coverage on Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating on the stock. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Finally, Citigroup increased their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th.

Novagold Resources Stock Up 12.7%

NG stock opened at $11.77 on Thursday. Novagold Resources has a 52 week low of $2.26 and a 52 week high of $12.09. The business has a 50-day simple moving average of $9.90 and a 200 day simple moving average of $8.53. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The company has a market cap of $5.16 billion, a PE ratio of -47.08 and a beta of 0.82.

Insider Buying and Selling

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was bought at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new position in Novagold Resources in the first quarter valued at about $44,000. AQR Capital Management LLC increased its stake in shares of Novagold Resources by 103.9% in the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after buying an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Novagold Resources by 1.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after buying an additional 4,896 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Novagold Resources during the 1st quarter worth approximately $157,000. Finally, Goldman Sachs Group Inc. grew its holdings in Novagold Resources by 13.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after acquiring an additional 210,631 shares during the last quarter. Institutional investors and hedge funds 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.