NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) saw a significant increase in short interest in January. As of January 31st, there was short interest totalling 19,740,000 shares, an increase of 8.9% from the January 15th total of 18,120,000 shares. Currently, 8.3% of the company’s stock are sold short. Based on an average daily volume of 2,070,000 shares, the days-to-cover ratio is presently 9.5 days.
Shares of NG stock opened at $9.02 on Friday. NovaGold Resources has a twelve month low of $3.64 and a twelve month high of $9.48.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings results on Wednesday, January 22nd. The mining company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01.
Several equities research analysts have weighed in on the company. Zacks Investment Research raised NovaGold Resources from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Friday. B. Riley reissued a “buy” rating and issued a $11.00 price target on shares of NovaGold Resources in a report on Tuesday.
In related news, CFO David A. Ottewell sold 12,583 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $9.05, for a total transaction of $113,876.15. Following the sale, the chief financial officer now owns 641,533 shares of the company’s stock, valued at $5,805,873.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anthony P. Walsh sold 46,824 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $9.25, for a total value of $433,122.00. Following the sale, the director now directly owns 112,827 shares in the company, valued at approximately $1,043,649.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 315,589 shares of company stock worth $2,537,287.
Several institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC increased its position in shares of NovaGold Resources by 715.3% during the fourth quarter. Advisory Services Network LLC now owns 2,984 shares of the mining company’s stock worth $27,000 after purchasing an additional 2,618 shares in the last quarter. TRUE Private Wealth Advisors purchased a new stake in shares of NovaGold Resources during the fourth quarter worth approximately $31,000. Edge Wealth Management LLC increased its position in shares of NovaGold Resources by 8,000.0% during the third quarter. Edge Wealth Management LLC now owns 8,100 shares of the mining company’s stock worth $49,000 after purchasing an additional 8,000 shares in the last quarter. David R. Rahn & Associates Inc. purchased a new stake in shares of NovaGold Resources during the fourth quarter worth approximately $90,000. Finally, Stifel Financial Corp purchased a new stake in shares of NovaGold Resources during the third quarter worth approximately $67,000.
NovaGold Resources Company Profile
NovaGold Resources Inc primarily explores for and develops gold mineral properties in Canada and the United States. Its principal asset is the Donlin Gold property covering an area of 71,420 acres 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.
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