Novagold Resources Inc. $NG Stock Holdings Boosted by Lingotto Investment Management LLP

Lingotto Investment Management LLP raised its stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,196,788 shares of the mining company’s stock after purchasing an additional 84,820 shares during the period. Novagold Resources accounts for about 5.7% of Lingotto Investment Management LLP’s holdings, making the stock its 5th biggest position. Lingotto Investment Management LLP owned 0.09% of Novagold Resources worth $328,034,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in NG. Torren Management LLC purchased a new position in Novagold Resources in the fourth quarter valued at approximately $27,000. Leonteq Securities AG purchased a new position in Novagold Resources in the fourth quarter valued at approximately $38,000. Hantz Financial Services Inc. purchased a new position in Novagold Resources in the third quarter valued at approximately $40,000. Cubist Systematic Strategies LLC purchased a new position in Novagold Resources in the first quarter valued at approximately $44,000. Finally, TD Waterhouse Canada Inc. grew its position in shares of Novagold Resources by 307.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after acquiring an additional 4,000 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $8.33 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72. The stock has a fifty day moving average price of $8.73 and a 200 day moving average price of $9.65. Novagold Resources Inc. has a 1-year low of $3.61 and a 1-year high of $14.40. The company has a market cap of $3.66 billion, a PE ratio of -32.04 and a beta of 0.77.

Wall Street Analysts Forecast Growth

NG has been the topic of a number of research reports. Royal Bank Of Canada lowered 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. Morgan Stanley initiated coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 target price on the stock. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price on the stock. Finally, Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One 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. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $13.26.

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.