Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $7.41, but opened at $7.96. Novagold Resources shares last traded at $8.20, with a volume of 948,546 shares.

Analyst Ratings Changes

NG has been the topic of several research analyst reports. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Morgan Stanley reduced their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Finally, B. Riley Financial began coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Novagold Resources currently has an average rating of “Buy” and a consensus target price of $12.42.

Novagold Resources Trading Up 12.9%

The firm has a market cap of $3.67 billion, a PE ratio of -49.12 and a beta of 0.85. The business has a 50-day moving average price of $6.61 and a two-hundred day moving average price of $8.47. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. Analysts forecast that Novagold Resources Inc. will post -0.16 EPS for the current year.

Institutional Trading of Novagold Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NG. Pin Oak Investment Advisors Inc. acquired a new position in shares of Novagold Resources in the second quarter valued at approximately $1,958,000. Public Employees Retirement System of Ohio purchased a new stake in Novagold Resources in the 2nd quarter worth approximately $492,000. Bank of New York Mellon Corp purchased a new stake in Novagold Resources in the 2nd quarter worth approximately $5,197,000. Cooper Financial Group lifted its stake in shares of Novagold Resources by 9.5% during the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock worth $179,000 after purchasing an additional 2,594 shares during the period. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Novagold Resources during the second quarter worth $33,000. 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.