Nova R Wealth Inc. Makes New $160,000 Investment in Novagold Resources Inc. $NG

Nova R Wealth Inc. purchased a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the second quarter, Holdings Channel.com reports. The firm purchased 39,063 shares of the mining company’s stock, valued at approximately $160,000.

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew its position in Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company’s stock worth $48,000 after purchasing an additional 2,848 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Novagold Resources by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company’s stock valued at $483,000 after buying an additional 3,871 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Novagold Resources by 3.7% during the first quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company’s stock valued at $399,000 after buying an additional 4,880 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after buying an additional 4,896 shares during the period. Finally, Significant Wealth Partners LLC lifted its stake in Novagold Resources by 20.9% in the 1st quarter. Significant Wealth Partners LLC now owns 38,546 shares of the mining company’s stock worth $113,000 after acquiring an additional 6,670 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Trading Up 4.5%

NYSEAMERICAN:NG opened at $8.30 on Monday. The company has a market capitalization of $3.38 billion, a P/E ratio of -34.58 and a beta of 0.66. The stock’s 50 day moving average price is $6.37 and its 200 day moving average price is $4.70. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $8.33.

Analyst Ratings Changes

NG has been the topic of several research analyst reports. Citigroup initiated coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a “buy” rating and a $7.00 target price on the stock. Royal Bank Of Canada upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $5.00 to $7.00 in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Novagold Resources has an average rating of “Buy” and an average target price of $7.00.

Novagold Resources Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares 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.