Brokerages Set Novagold Resources Inc. (NYSEAMERICAN:NG) Target Price at $10.17

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $10.1667.

A number of research analysts have weighed in on NG shares. Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Citigroup lifted their price objective on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. BMO Capital Markets initiated coverage on Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Finally, B. Riley upped their price target on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th.

Novagold Resources Trading Up 0.1%

Shares of NG stock opened at $9.93 on Friday. Novagold Resources has a 12 month low of $2.26 and a 12 month high of $10.90. The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $9.03 and its two-hundred day moving average is $6.61. The company has a market cap of $4.04 billion, a PE ratio of -39.72 and a beta of 0.81.

Institutional Trading of Novagold Resources

Hedge funds have recently bought and sold shares of the stock. Cary Street Partners Financial LLC bought a new stake in Novagold Resources in the 1st quarter valued at $29,000. Hantz Financial Services Inc. bought a new position in Novagold Resources during the 3rd quarter worth about $40,000. Shepherd Financial Partners LLC acquired a new stake in shares of Novagold Resources in the 2nd quarter valued at about $41,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources in the 1st quarter valued at about $44,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Novagold Resources during the second quarter worth about $44,000. 57.56% of the stock is owned by institutional investors.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.