Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 9.4% – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were up 9.4% during mid-day trading on Friday . The company traded as high as $11.20 and last traded at $11.0850. Approximately 828,933 shares traded hands during trading, a decline of 79% from the average daily volume of 3,961,717 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

A number of analysts recently issued reports on NG shares. Canaccord Genuity Group started coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price for the company. Scotiabank began coverage on shares of Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. Royal Bank Of Canada decreased their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company 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 stock a “buy” rating in a report on Tuesday, January 27th. Finally, Morgan Stanley began coverage on Novagold Resources in a report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target for the company. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.26.

Novagold Resources Stock Performance

The stock has a market cap of $4.80 billion, a PE ratio of -42.08 and a beta of 0.90. The stock has a fifty day simple moving average of $10.26 and a two-hundred day simple moving average of $9.73. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72.

Insiders Place Their Bets

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was purchased at an average price of $9.36 per share, for a total transaction 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cetera Investment Advisers grew its position in shares of Novagold Resources by 2.7% during the fourth quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock worth $431,000 after buying an additional 1,235 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in shares of Novagold Resources by 5.4% during the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after buying an additional 1,287 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Novagold Resources by 1.8% during the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after buying an additional 1,299 shares in the last quarter. Sprott Inc. grew its position in shares of Novagold Resources by 12.7% during the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock worth $116,000 after buying an additional 1,400 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after purchasing an additional 1,610 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

About Novagold Resources

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.