B. Riley Issues Positive Forecast for Novagold Resources (NYSEAMERICAN:NG) Stock Price

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price target boosted by stock analysts at B. Riley from $11.00 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the mining company’s stock. B. Riley’s target price would indicate a potential upside of 24.15% from the company’s current price.

NG has been the subject of several other research reports. Citigroup lifted their price target on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets initiated coverage on Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating on the stock. National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Finally, Zacks Research downgraded shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Price Performance

NG traded up $0.04 on Tuesday, reaching $10.47. The stock had a trading volume of 918,943 shares, compared to its average volume of 2,880,157. Novagold Resources has a fifty-two week low of $2.26 and a fifty-two week high of $11.28. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -42.05 and a beta of 0.83. The firm has a 50-day moving average of $9.74 and a 200-day moving average of $8.17.

Hedge Funds Weigh In On Novagold Resources

Hedge funds have recently added to or reduced their stakes in the business. Lingotto Investment Management LLP grew its stake in Novagold Resources by 60.7% in the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after buying an additional 13,180,065 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Novagold Resources by 518.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock valued at $19,513,000 after buying an additional 4,000,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after buying an additional 2,815,780 shares during the last quarter. UBS Group AG boosted its position in shares of Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the period. Finally, Bank of America Corp DE raised its stake in Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after purchasing an additional 2,438,052 shares during the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.