Novagold Resources (NYSEAMERICAN:NG) Trading Up 8.4% Following Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was up 8.4% during trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $8.74 and last traded at $8.7050. Approximately 649,512 shares were traded during trading, a decline of 84% from the average daily volume of 4,175,764 shares. The stock had previously closed at $8.03.

A number of other equities analysts have also recently issued reports on the company. Canaccord Genuity Group initiated coverage on Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target on the stock. Scotiabank initiated coverage on shares of Novagold Resources in a research note on Friday, February 6th. They issued a “sector outperform” rating for the company. Royal Bank Of Canada dropped their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Finally, B. Riley Financial increased their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.13.

Insider Buying and Selling

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the purchase, the director owned 4,000 shares in the company, valued at approximately $37,440. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.88% of the company’s stock.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. lifted its position in shares of Novagold Resources by 3.4% during the fourth quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock valued at $1,743,000 after purchasing an additional 6,154 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Novagold Resources in the 4th quarter worth about $121,000. Mackenzie Financial Corp increased its stake in Novagold Resources by 73.0% in the 4th quarter. Mackenzie Financial Corp now owns 368,038 shares of the mining company’s stock valued at $3,465,000 after buying an additional 155,336 shares during the last quarter. Empowered Funds LLC increased its stake in Novagold Resources by 70.6% in the 4th quarter. Empowered Funds LLC now owns 30,978 shares of the mining company’s stock valued at $289,000 after buying an additional 12,816 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Novagold Resources by 2.5% during the 4th quarter. Wellington Management Group LLP now owns 1,273,964 shares of the mining company’s stock worth $11,873,000 after buying an additional 30,528 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

The company’s 50-day simple moving average is $10.35 and its 200 day simple moving average is $9.60. The stock has a market cap of $4.11 billion, a P/E ratio of -37.44 and a beta of 0.90. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

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.