Cedar Wealth Management LLC Sells 86,936 Shares of Novagold Resources Inc. $NG

Cedar Wealth Management LLC lessened its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 33.0% during the third quarter, Holdings Channel reports. The firm owned 176,503 shares of the mining company’s stock after selling 86,936 shares during the quarter. Novagold Resources makes up about 0.5% of Cedar Wealth Management LLC’s investment portfolio, making the stock its 24th biggest position. Cedar Wealth Management LLC’s holdings in Novagold Resources were worth $1,553,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NG. Lingotto Investment Management LLP lifted its holdings in Novagold Resources by 60.7% in the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after buying an additional 13,180,065 shares during the period. Kopernik Global Investors LLC increased its stake in shares of Novagold Resources by 2.8% during the second quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock valued at $78,181,000 after buying an additional 523,479 shares during the period. Vanguard Group Inc. increased its stake in shares of Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after buying an additional 2,815,780 shares during the period. Amundi raised its holdings in shares of Novagold Resources by 54.3% during the second quarter. Amundi now owns 4,306,221 shares of the mining company’s stock valued at $19,292,000 after acquiring an additional 1,515,822 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Novagold Resources by 0.8% during the second quarter. Geode Capital Management LLC now owns 3,134,610 shares of the mining company’s stock valued at $12,828,000 after acquiring an additional 23,720 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Down 0.2%

NG stock opened at $12.07 on Friday. Novagold Resources Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $14.40. The business’s 50 day moving average price is $10.54 and its two-hundred day moving average price is $9.23. The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of -48.28 and a beta of 0.75.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NG shares. B. Riley Financial lifted their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Scotiabank assumed coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. Finally, Zacks Research cut shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $10.83.

Insider Buying and Selling at Novagold Resources

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of Novagold Resources stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.88% of the stock is owned by corporate insiders.

Novagold Resources Profile

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.