Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 11.9% on Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price rose 11.9% on Wednesday after Scotiabank upgraded the stock to a strong-buy rating. The company traded as high as $8.85 and last traded at $8.8720. Approximately 2,125,221 shares traded hands during trading, a decline of 44% from the average daily volume of 3,824,101 shares. The stock had previously closed at $7.93.

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective for the company. Royal Bank Of Canada lowered their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Morgan Stanley initiated coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price objective for the company. Finally, B. Riley Financial boosted their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Novagold Resources presently has a consensus rating of “Buy” and an average target price of $13.26.

Institutional Trading of Novagold Resources

A number of institutional investors have recently made changes to their positions in the stock. Cetera Investment Advisers lifted its stake in shares of Novagold Resources by 2.7% in the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock worth $431,000 after acquiring an additional 1,235 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Novagold Resources by 5.4% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after acquiring an additional 1,287 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after acquiring an additional 1,299 shares during the period. Sprott Inc. lifted its stake in shares of Novagold Resources by 12.7% in the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock worth $116,000 after acquiring an additional 1,400 shares during the period. Finally, Federated Hermes Inc. lifted its stake in shares of Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after acquiring an additional 1,610 shares during the period. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Trading Up 2.7%

The business’s 50 day moving average price is $9.80 and its two-hundred day moving average price is $9.65. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of -33.65 and a beta of 0.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72.

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.