Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – Should You Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up prior to trading on Wednesday . The stock had previously closed at $8.03, but opened at $8.29. Novagold Resources shares last traded at $8.4770, with a volume of 400,344 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NG shares. Morgan Stanley cut their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. B. Riley Financial began coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They issued a “buy” rating and a $9.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $12.42.

Novagold Resources Price Performance

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 $3.65 billion, a price-to-earnings ratio of -48.94 and a beta of 0.92. The business has a fifty day moving average price of $6.94 and a 200 day moving average price of $8.38.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. As a group, research analysts anticipate that Novagold Resources Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On Novagold Resources

A number of hedge funds have recently made changes to their positions in NG. Corient Private Wealth LP bought a new stake in shares of Novagold Resources during the 2nd quarter valued at approximately $907,000. Groupe la Francaise lifted its stake in Novagold Resources by 23.1% in the 2nd quarter. Groupe la Francaise now owns 400,000 shares of the mining company’s stock valued at $2,393,000 after purchasing an additional 75,000 shares during the last quarter. California State Teachers Retirement System boosted its position in Novagold Resources by 87.9% in the second quarter. California State Teachers Retirement System now owns 28,668 shares of the mining company’s stock valued at $171,000 after buying an additional 13,411 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in Novagold Resources in the second quarter valued at approximately $66,000. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Novagold Resources by 41.1% during the second quarter. TD Waterhouse Canada Inc. now owns 10,300 shares of the mining company’s stock worth $63,000 after buying an additional 3,000 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.