Novagold Resources (NYSEAMERICAN:NG) Shares Up 9.8% – Time to Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price rose 9.8% during trading on Wednesday . The stock traded as high as $7.01 and last traded at $6.95. Approximately 2,443,930 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 4,027,923 shares. The stock had previously closed at $6.33.

Wall Street Analysts Forecast Growth

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

Novagold Resources Price Performance

The company has a market capitalization of $3.26 billion, a PE ratio of -43.51 and a beta of 0.85. 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 stock has a 50 day moving average price of $6.64 and a two-hundred day moving average price of $8.62.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NG. Cetera Investment Advisers increased its stake in shares of Novagold Resources by 2.7% in the fourth quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock valued at $431,000 after buying an additional 1,235 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in 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 purchasing an additional 1,299 shares during the last quarter. Sprott Inc. lifted its holdings in Novagold Resources by 12.7% during the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock worth $116,000 after buying an additional 1,400 shares in the last quarter. Cooper Financial Group boosted its position in Novagold Resources by 9.5% in the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock valued at $179,000 after buying an additional 2,594 shares during the last quarter. Finally, Investment Management Corp of Ontario raised its position in shares of Novagold Resources by 18.6% during the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after acquiring an additional 2,900 shares during the last quarter. Institutional investors and hedge funds 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.