Novagold Resources (NYSEAMERICAN:NG) Hits New 52-Week High – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price reached a new 52-week high on Thursday . The company traded as high as $11.29 and last traded at $10.86, with a volume of 2345163 shares changing hands. The stock had previously closed at $9.99.

Analyst Upgrades and Downgrades

NG has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of 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 started coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. B. Riley increased their target price on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Finally, Zacks Research downgraded shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $10.17.

Novagold Resources Trading Up 5.0%

The company has a market capitalization of $4.27 billion, a PE ratio of -41.96 and a beta of 0.83. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The business has a fifty day moving average price of $9.64 and a 200 day moving average price of $8.03.

Institutional Investors Weigh In On Novagold Resources

Several large investors have recently made changes to their positions in NG. Hantz Financial Services Inc. purchased a new position in shares of Novagold Resources in the 3rd quarter valued at $40,000. Federated Hermes Inc. boosted its position in Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after purchasing an additional 1,610 shares during the period. Shepherd Financial Partners LLC acquired a new stake in Novagold Resources in the 2nd quarter valued at $41,000. Cresset Asset Management LLC acquired a new stake in Novagold Resources in the 3rd quarter valued at $88,000. Finally, Quadrature Capital Ltd purchased a new position in Novagold Resources in the second quarter valued at about $44,000. 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.