Novagold Resources Inc. $NG Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. raised its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 23.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 14,587,516 shares of the mining company’s stock after acquiring an additional 2,815,780 shares during the period. Vanguard Group Inc.’s holdings in Novagold Resources were worth $128,840,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Hantz Financial Services Inc. purchased a new stake in shares of Novagold Resources during the 3rd quarter valued at approximately $40,000. Shepherd Financial Partners LLC acquired a new stake in Novagold Resources during the second quarter worth $41,000. Quadrature Capital Ltd acquired a new stake in Novagold Resources during the second quarter worth $44,000. Cubist Systematic Strategies LLC purchased a new stake in Novagold Resources in the first quarter valued at $44,000. Finally, CWM LLC lifted its stake in shares of Novagold Resources by 20.3% in the 2nd quarter. CWM LLC now owns 12,688 shares of the mining company’s stock valued at $52,000 after purchasing an additional 2,137 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NG shares. B. Riley Financial raised their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Scotiabank started coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. Zacks Research cut shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, BMO Capital Markets began coverage on shares of Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Insider Buying and Selling

In other Novagold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the transaction, the director directly owned 4,000 shares of the company’s stock, valued at approximately $37,440. This represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.39% of the stock is owned by corporate insiders.

Novagold Resources Stock Down 10.4%

Shares of NG opened at $12.72 on Wednesday. The company’s 50-day simple moving average is $10.40 and its 200-day simple moving average is $9.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. Novagold Resources Inc. has a 1 year low of $2.26 and a 1 year high of $14.40. The stock has a market capitalization of $5.58 billion, a PE ratio of -50.88 and a beta of 0.75.

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.