Novagold Resources Inc. (NYSEAMERICAN:NG) Receives $12.42 Consensus Price Target from Analysts

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have been given an average recommendation of “Buy” by the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $12.42.

NG has been the topic of several recent research reports. Morgan Stanley decreased their price target on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. B. Riley Financial assumed coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 target price on the stock.

Institutional Trading of Novagold Resources

A number of institutional investors have recently bought and sold shares of NG. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources during the 1st quarter valued at $44,000. AQR Capital Management LLC grew its stake in shares of Novagold Resources by 103.9% during the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after purchasing an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources in the first quarter valued at about $157,000. Finally, Goldman Sachs Group Inc. increased its holdings in Novagold Resources by 13.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock valued at $5,159,000 after purchasing an additional 210,631 shares during the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Price Performance

NYSEAMERICAN:NG opened at $8.07 on Monday. The stock’s fifty day moving average price is $6.98 and its two-hundred day moving average price is $8.36. Novagold Resources has a 52-week low of $5.07 and a 52-week high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The company has a market cap of $3.54 billion, a price-to-earnings ratio of -47.47 and a beta of 0.92.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. On average, analysts anticipate that Novagold Resources will post -0.13 EPS for the current year.

Novagold Resources Company 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.