Novagold Resources (NYSEAMERICAN:NG) Shares Up 5.4% – Should You Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were up 5.4% during trading on Monday . The company traded as high as $9.18 and last traded at $9.1950. Approximately 1,054,263 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 4,091,698 shares. The stock had previously closed at $8.72.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NG shares. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Morgan Stanley dropped their price target 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, B. Riley Financial started coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Novagold Resources currently has a consensus rating of “Buy” and an average target price of $12.42.

Novagold Resources Trading Up 4.5%

The business’s 50-day moving average price is $6.75 and its 200-day moving average price is $8.45. The firm has a market capitalization of $4.29 billion, a PE ratio of -57.47 and a beta of 0.85. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82.

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 for the quarter. As a group, analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.

Institutional Trading of Novagold Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Electrum Group LLC purchased a new position in shares of Novagold Resources in the 4th quarter valued at approximately $865,854,000. Principal Financial Group Inc. grew its position in Novagold Resources by 32,405.9% in the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after buying an additional 5,704,403 shares during the last quarter. UBS Group AG increased its stake in Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after buying an additional 2,443,511 shares during the period. Bank of America Corp DE raised its position in Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after buying an additional 2,438,052 shares during the last quarter. Finally, Greenwich Wealth Management LLC acquired a new stake in shares of Novagold Resources in the 4th quarter worth $18,640,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.