Renaissance Technologies LLC Invests $7.97 Million in Novagold Resources Inc. $NG

Renaissance Technologies LLC bought a new stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 887,800 shares of the mining company’s stock, valued at approximately $7,972,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Torren Management LLC bought a new stake in Novagold Resources during the 4th quarter worth approximately $27,000. Leonteq Securities AG acquired a new position in Novagold Resources in the fourth quarter worth $38,000. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources during the first quarter worth $44,000. Kestra Advisory Services LLC bought a new stake in shares of Novagold Resources during the fourth quarter worth $47,000. Finally, TD Waterhouse Canada Inc. increased its stake in shares of Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after buying an additional 4,000 shares in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Stock Up 1.9%

NYSEAMERICAN NG opened at $5.94 on Tuesday. The stock has a market capitalization of $2.61 billion, a P/E ratio of -34.94 and a beta of 0.85. Novagold Resources Inc. has a 52 week low of $5.07 and a 52 week high of $14.40. 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 fifty day moving average of $6.73 and a 200-day moving average of $8.70.

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

Analyst Ratings Changes

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

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.