Novagold Resources Inc. $NG Shares Sold by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG lowered its stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 16.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,489,247 shares of the mining company’s stock after selling 676,985 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Novagold Resources were worth $22,782,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Sunbelt Securities Inc. increased its position in shares of Novagold Resources by 34,166.7% during the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock worth $28,000 after acquiring an additional 3,075 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Novagold Resources by 179.9% during the third quarter. GAMMA Investing LLC now owns 4,375 shares of the mining company’s stock worth $28,000 after acquiring an additional 2,812 shares during the period. Farther Finance Advisors LLC lifted its position in Novagold Resources by 91.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,851 shares of the mining company’s stock valued at $32,000 after acquiring an additional 2,322 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in Novagold Resources in the 2nd quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Novagold Resources in the 3rd quarter worth $49,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NG. B. Riley Financial started coverage on shares of Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 target price for the company. Morgan Stanley dropped their price target on Novagold Resources from $13.60 to $13.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $12.25.

Novagold Resources Stock Up 0.4%

Shares of Novagold Resources stock traded up $0.03 during trading hours on Tuesday, reaching $6.54. 1,246,216 shares of the company’s stock were exchanged, compared to its average volume of 4,360,331. The stock has a market cap of $2.87 billion, a P/E ratio of -31.21 and a beta of 0.95. The company has a 50 day moving average of $7.53 and a two-hundred day moving average of $7.59. The company has a current ratio of 44.51, a quick ratio of 44.51 and a debt-to-equity ratio of 0.46. Novagold Resources Inc. has a fifty-two week low of $5.07 and a fifty-two week high of $14.40.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). On average, sell-side analysts forecast that Novagold Resources Inc. will post -0.18 EPS for the current fiscal year.

Novagold Resources Profile

NovaGold Resources Inc is a Canadian precious metals exploration and development company focused primarily on advancing large-scale gold projects in North America. The company does not currently operate producing mines; its activities center on exploration, technical studies, permitting, project development and working with partners to advance mineral assets.

NovaGold’s principal asset is the Donlin Gold project in southwest Alaska, one of the largest undeveloped gold deposits in the world.