Novagold Resources Inc. (NYSEAMERICAN:NG) Given Average Rating of “Buy” by Brokerages

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have earned an average rating of “Buy” from the nine research firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $13.22.

A number of brokerages have recently weighed in on NG. Royal Bank Of Canada reduced their price target on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Scotiabank raised Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley decreased their target price on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday.

Institutional Trading of Novagold Resources

Hedge funds have recently modified their holdings of the company. Torren Management LLC acquired a new position in Novagold Resources in the fourth quarter worth about $27,000. Sunbelt Securities Inc. lifted its position in Novagold Resources by 34,166.7% during the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock worth $28,000 after buying an additional 3,075 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Novagold Resources during the second quarter worth approximately $33,000. Leonteq Securities AG acquired a new position in Novagold Resources during the 4th quarter worth $38,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Novagold Resources during the 1st quarter worth about $44,000. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Shares of Novagold Resources stock traded down $0.13 on Friday, reaching $5.97. 3,960,132 shares of the company were exchanged, compared to its average volume of 4,345,864. Novagold Resources has a 1-year low of $4.68 and a 1-year high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The company’s 50-day moving average is $7.56 and its two-hundred day moving average is $9.16. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -35.12 and a beta of 0.84.

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.