Novagold Resources (NYSEAMERICAN:NG) Research Coverage Started at B. Riley Financial

B. Riley Financial initiated coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $9.00 price objective on the mining company’s stock.

A number of other brokerages also recently weighed in on NG. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Morgan Stanley reduced their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Novagold Resources currently has a consensus rating of “Buy” and an average target price of $12.42.

Novagold Resources Trading Up 8.8%

Novagold Resources stock opened at $6.89 on Monday. The company has a 50 day moving average price of $6.67 and a 200 day moving average price of $8.65. Novagold Resources has a 52 week low of $5.07 and a 52 week 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 firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of -40.53 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. Research analysts forecast that Novagold Resources will post -0.16 EPS for the current year.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cooper Financial Group boosted its position in Novagold Resources by 9.5% during the second quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock valued at $179,000 after purchasing an additional 2,594 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Novagold Resources during the 2nd quarter valued at about $33,000. Groupe la Francaise bought a new stake in shares of Novagold Resources in the 1st quarter valued at approximately $2,918,000. Sunbelt Securities Inc. grew its stake in shares of Novagold Resources by 34,166.7% in the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after buying an additional 3,075 shares in the last quarter. Finally, Amundi increased its holdings in Novagold Resources by 11.5% in the first quarter. Amundi now owns 5,050,474 shares of the mining company’s stock worth $45,353,000 after buying an additional 521,388 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.