Novagold Resources Sees Unusually Large Options Volume (NYSEAMERICAN:NG)

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) saw some unusual options trading on Monday. Traders acquired 5,152 call options on the company. This is an increase of approximately 93% compared to the typical volume of 2,672 call options.

Novagold Resources Stock Up 0.1%

NG stock traded up $0.01 during midday trading on Monday, hitting $6.01. The company’s stock had a trading volume of 988,065 shares, compared to its average volume of 4,342,325. The company has a market cap of $2.64 billion, a PE ratio of -28.50 and a beta of 0.95. Novagold Resources has a 12 month low of $5.07 and a 12 month high of $14.40. The company has a current ratio of 44.51, a quick ratio of 44.51 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average is $7.41 and its 200-day moving average is $7.51.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). On average, equities research analysts forecast that Novagold Resources will post -0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Novagold Resources

Several large investors have recently bought and sold shares of the business. Signaturefd LLC raised its position in Novagold Resources by 98.1% in the 3rd quarter. Signaturefd LLC now owns 13,440 shares of the mining company’s stock worth $87,000 after buying an additional 6,654 shares during the last quarter. Sterling Capital Management LLC lifted its stake in Novagold Resources by 751.4% during the 3rd quarter. Sterling Capital Management LLC now owns 10,430 shares of the mining company’s stock valued at $68,000 after acquiring an additional 9,205 shares during the period. Abel Hall LLC lifted its stake in Novagold Resources by 42.3% during the 3rd quarter. Abel Hall LLC now owns 18,056 shares of the mining company’s stock valued at $117,000 after acquiring an additional 5,363 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Novagold Resources during the 3rd quarter valued at about $49,000. Finally, Mirador Capital Partners LP purchased a new stake in shares of Novagold Resources during the 3rd quarter valued at about $1,231,000. 57.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NG shares. B. Riley Financial started coverage on Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 price target for the company. Morgan Stanley cut their price objective on shares of Novagold Resources from $13.60 to $13.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Novagold Resources has an average rating of “Buy” and a consensus price target of $12.25.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian precious metals exploration and development company focused primarily on advancing large-scale gold projects in North America. The company does not currently operate producing mines; its activities center on exploration, technical studies, permitting, project development and working with partners to advance mineral assets.

NovaGold’s principal asset is the Donlin Gold project in southwest Alaska, one of the largest undeveloped gold deposits in the world.