Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – Time to Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares gapped up prior to trading on Wednesday . The stock had previously closed at $7.41, but opened at $7.96. Novagold Resources shares last traded at $8.20, with a volume of 948,546 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Morgan Stanley dropped their price target on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Finally, B. Riley Financial started coverage on shares of Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Novagold Resources presently has an average rating of “Buy” and a consensus target price of $12.42.

Novagold Resources Stock Performance

The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $6.61 and a 200 day moving average price of $8.47. The firm has a market capitalization of $3.67 billion, a PE ratio of -49.12 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. Research analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current year.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantinno Capital Management LP raised its stake in shares of Novagold Resources by 1,075.2% during the first quarter. Quantinno Capital Management LP now owns 358,148 shares of the mining company’s stock worth $3,216,000 after purchasing an additional 327,672 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Novagold Resources by 12.7% in the 4th quarter. Teacher Retirement System of Texas now owns 5,376,816 shares of the mining company’s stock valued at $50,112,000 after purchasing an additional 606,000 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Novagold Resources during the 1st quarter worth approximately $7,972,000. International Assets Investment Management LLC purchased a new position in shares of Novagold Resources during the 1st quarter worth approximately $950,000. Finally, Greenwich Wealth Management LLC acquired a new stake in shares of Novagold Resources in the 4th quarter valued at approximately $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.