Novagold Resources (NYSEAMERICAN:NG) Coverage Initiated at Morgan Stanley

Morgan Stanley began coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research report issued to clients and investors on Thursday,Benzinga reports. The firm set an “overweight” rating and a $13.80 price target on the mining company’s stock. Morgan Stanley’s price target would suggest a potential upside of 49.03% from the stock’s previous close.

NG has been the topic of a number of other reports. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Royal Bank Of Canada dropped their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. B. Riley Financial increased their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Canaccord Genuity Group initiated coverage on Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price objective on the stock. Finally, Scotiabank initiated coverage on Novagold Resources in a research note on Friday, February 6th. They issued a “sector outperform” rating on the stock. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.26.

Novagold Resources Price Performance

Novagold Resources stock opened at $9.26 on Thursday. The firm has a market capitalization of $4.06 billion, a PE ratio of -35.62 and a beta of 0.90. Novagold Resources has a 12-month low of $2.26 and a 12-month high of $14.40. The firm has a 50-day moving average price of $10.18 and a 200-day moving average price of $9.66. The company has a current ratio of 88.72, a quick ratio of 23.79 and a debt-to-equity ratio of 0.38.

Insider Buying and Selling

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were acquired at an average price of $9.36 per share, with a total value of $37,440.00. Following the transaction, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NG. Electrum Group LLC purchased a new position in Novagold Resources during the 4th quarter valued at about $865,854,000. Vanguard Group Inc. increased its position in Novagold Resources by 23.9% during the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after purchasing an additional 2,815,780 shares during the period. UBS Group AG boosted its holdings in shares of Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after buying an additional 2,443,511 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Novagold Resources by 520.9% in the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after buying an additional 2,438,052 shares in the last quarter. Finally, Greenwich Wealth Management LLC bought a new stake in shares of Novagold Resources in the 4th quarter valued at about $18,640,000. 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.