Groupe la Francaise Boosts Holdings in Novagold Resources Inc. $NG

Groupe la Francaise grew its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 23.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 400,000 shares of the mining company’s stock after purchasing an additional 75,000 shares during the period. Groupe la Francaise owned approximately 0.09% of Novagold Resources worth $2,393,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sunbelt Securities Inc. boosted 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 valued at $28,000 after acquiring an additional 3,075 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in shares of Novagold Resources during the 2nd quarter worth approximately $33,000. Leonteq Securities AG bought a new position in shares of Novagold Resources in the 4th quarter worth approximately $38,000. Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources in the 1st quarter worth approximately $44,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Novagold Resources in the 4th quarter valued at approximately $47,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. B. Riley Financial initiated coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target on the stock. Morgan Stanley lowered their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $12.42.

Novagold Resources Price Performance

NG stock opened at $8.07 on Tuesday. The firm has a 50 day moving average price of $7.02 and a 200-day moving average price of $8.35. Novagold Resources Inc. has a 52-week low of $5.07 and a 52-week high of $14.40. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -47.47 and a beta of 0.92. 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 (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. Equities research analysts forecast that Novagold Resources Inc. will post -0.13 EPS for the current fiscal year.

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.