Novagold Resources (NYSEAMERICAN:NG) Trading 11.9% Higher – What’s Next?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) rose 11.9% during mid-day trading on Wednesday . The company traded as high as $8.85 and last traded at $8.8720. Approximately 2,125,221 shares changed hands during trading, a decline of 44% from the average daily volume of 3,824,101 shares. The stock had previously closed at $7.93.

Wall Street Analyst Weigh In

NG has been the topic of a number of analyst 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 report on Thursday, March 19th. B. Riley Financial upped their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Canaccord Genuity Group initiated coverage on Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target on the stock. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Scotiabank initiated coverage on Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating on the stock. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $13.26.

Novagold Resources Trading Up 13.9%

The stock has a market cap of $3.96 billion, a P/E ratio of -34.73 and a beta of 0.76. The firm’s fifty day moving average price is $9.91 and its two-hundred day moving average price is $9.67. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NG. Torren Management LLC bought a new position in shares of Novagold Resources in the fourth quarter worth approximately $27,000. Leonteq Securities AG bought a new position in shares of Novagold Resources in the fourth quarter worth approximately $38,000. Hantz Financial Services Inc. bought a new position in shares of Novagold Resources in the third quarter worth approximately $40,000. Kestra Advisory Services LLC bought a new position in shares of Novagold Resources in the fourth quarter worth approximately $47,000. Finally, TD Waterhouse Canada Inc. increased its position 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 worth $49,000 after purchasing an additional 4,000 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

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.