Novagold Resources (NYSEAMERICAN:NG) Now Covered by B. Riley Financial

Equities researchers at B. Riley Financial initiated coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a note issued to investors on Monday. The brokerage set a “buy” rating and a $9.00 price target on the mining company’s stock. B. Riley Financial’s price objective indicates a potential upside of 56.74% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Morgan Stanley reduced their price target on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $12.42.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG traded down $0.09 during mid-day trading on Monday, reaching $5.74. The company had a trading volume of 231,101 shares, compared to its average volume of 4,012,346. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. Novagold Resources has a one year low of $5.07 and a one year high of $14.40. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of -33.75 and a beta of 0.85. The business’s 50-day simple moving average is $6.77 and its 200 day simple moving average is $8.73.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. On average, research analysts predict that Novagold Resources will post -0.16 earnings per share for the current fiscal year.

Institutional Trading of Novagold Resources

Large investors have recently bought and sold shares of the business. Torren Management LLC bought a new position in Novagold Resources in the fourth quarter valued at about $27,000. Sunbelt Securities Inc. boosted its holdings in shares of Novagold Resources by 34,166.7% during the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after acquiring an additional 3,075 shares in the last quarter. Leonteq Securities AG bought a new stake in Novagold Resources during the 4th quarter worth $38,000. Kestra Advisory Services LLC acquired a new position in Novagold Resources in the 4th quarter worth about $47,000. Finally, TD Waterhouse Canada Inc. increased its holdings in Novagold Resources by 307.7% in 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 in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

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.