Novagold Resources (NYSEAMERICAN:NG) Reaches New 52-Week High – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $12.11 and last traded at $12.0550, with a volume of 1293835 shares traded. The stock had previously closed at $11.67.

Analysts Set New Price Targets

NG has been the subject of several research analyst reports. B. Riley Financial boosted their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Scotiabank assumed coverage on shares of Novagold Resources in a research note on Friday, February 6th. They issued a “sector outperform” rating for the company. BMO Capital Markets assumed coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating on the stock. Finally, Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Novagold Resources currently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Trading Up 5.1%

The stock has a market cap of $5.84 billion, a P/E ratio of -53.28 and a beta of 0.82. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The firm’s 50 day moving average price is $10.20 and its 200-day moving average price is $8.94.

Insider Transactions at Novagold Resources

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the acquisition, the director directly owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.88% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NG. Torren Management LLC bought a new stake in Novagold Resources during the 4th quarter valued at about $27,000. Leonteq Securities AG bought a new stake in shares of Novagold Resources during the fourth quarter valued at approximately $38,000. Hantz Financial Services Inc. purchased a new stake in shares of Novagold Resources in the third quarter valued at approximately $40,000. Kestra Advisory Services LLC bought a new position in Novagold Resources in the fourth quarter worth approximately $47,000. Finally, TD Waterhouse Canada Inc. increased its holdings in Novagold Resources by 307.7% during the 4th 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 period. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.