Novagold Resources (NYSEAMERICAN:NG) Reaches New 1-Year High on Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares reached a new 52-week high during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $11.00 to $13.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $11.76 and last traded at $11.74, with a volume of 8767466 shares changing hands. The stock had previously closed at $10.43.

Other research analysts also recently issued research reports about the company. BMO Capital Markets initiated coverage on Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating for the company. Citigroup boosted their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Finally, Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.83.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NG. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources in the 1st quarter worth approximately $44,000. AQR Capital Management LLC raised its position in Novagold Resources by 103.9% in the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Novagold Resources by 1.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after purchasing an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources in the first quarter worth $157,000. Finally, Goldman Sachs Group Inc. boosted its position in Novagold Resources by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock valued at $5,159,000 after buying an additional 210,631 shares during the period. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Stock Down 2.8%

The stock has a market capitalization of $4.47 billion, a P/E ratio of -43.92 and a beta of 0.83. The stock has a 50 day moving average price of $9.90 and a 200-day moving average price of $8.26. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

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.