Novagold Resources Inc. (NYSEAMERICAN:NG) Given Average Recommendation of “Buy” by Brokerages

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have earned an average rating of “Buy” from the nine ratings firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $13.26.

A number of analysts have commented on the company. Royal Bank Of Canada reduced their price target on 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 upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Morgan Stanley assumed coverage on Novagold Resources in a research report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target for the company. Finally, Canaccord Genuity Group started coverage on Novagold Resources in a research report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company.

Institutional Trading of Novagold Resources

Several institutional investors have recently made changes to their positions in NG. Torren Management LLC purchased a new stake in shares of Novagold Resources during the fourth quarter worth about $27,000. Sunbelt Securities Inc. grew its position in shares of Novagold Resources by 34,166.7% during the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock worth $28,000 after purchasing an additional 3,075 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Novagold Resources during the fourth quarter worth about $38,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Novagold Resources during the first quarter worth about $44,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Novagold Resources during the fourth quarter worth about $47,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Shares of NG opened at $8.33 on Wednesday. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $8.56 and a two-hundred day simple moving average of $9.56. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of -32.04 and a beta of 0.77. Novagold Resources has a 52 week low of $3.61 and a 52 week high of $14.40.

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.