Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 5.4% – Time to Buy?

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded up 5.4% during trading on Monday . The company traded as high as $9.18 and last traded at $9.1950. 1,054,263 shares changed hands during trading, a decline of 74% from the average daily volume of 4,091,698 shares. The stock had previously closed at $8.72.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NG. B. Riley Financial started 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. Finally, Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $12.42.

Novagold Resources Stock Up 5.7%

The firm has a market cap of $4.04 billion, a PE ratio of -54.75 and a beta of 0.85. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The firm’s 50-day moving average price is $6.70 and its two-hundred day moving average price is $8.45.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. As a group, equities research analysts expect that Novagold Resources Inc. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

Several large investors have recently bought and sold shares of the stock. Electrum Group LLC acquired a new position in Novagold Resources during the fourth quarter worth approximately $865,854,000. Principal Financial Group Inc. lifted its stake in Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after buying an additional 5,704,403 shares during the last quarter. UBS Group AG boosted its holdings in shares of Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the period. Bank of America Corp DE boosted its holdings in shares of Novagold Resources by 520.9% in the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after acquiring an additional 2,438,052 shares during the period. Finally, Greenwich Wealth Management LLC acquired a new position in shares of Novagold Resources in the 4th quarter valued at $18,640,000. 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.