Zacks Investment Research cut shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a buy rating to a hold rating in a report released on Thursday morning.
According to Zacks, “NovaGold Resources is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. The Company is rapidly moving to production at its hundred percent owned Nome Operations in Alaska, which includes Rock Creek, Big Hurrah and Nome Gold. NovaGold recently announced its partnership with Teck Cominco to build the Galore Creek copper-gold mine in northwestern British Columbia, with NovaGold and Teck Cominco each owning 50% of the project once Teck Cominco has completed its partnership requirements. “
Other equities research analysts have also issued reports about the company. BidaskClub upgraded NovaGold Resources from a sell rating to a hold rating in a research report on Wednesday, November 15th. B. Riley began coverage on NovaGold Resources in a research report on Tuesday, December 19th. They set a buy rating and a $7.00 price target on the stock.
In related news, Director Nieuwenhuyse Rick Van sold 150,000 shares of NovaGold Resources stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP David Deisley sold 16,642 shares of NovaGold Resources stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $3.86, for a total value of $64,238.12. The disclosure for this sale can be found here. Insiders have sold 172,420 shares of company stock worth $677,426 over the last 90 days.
Institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. boosted its holdings in NovaGold Resources by 1.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 22,705 shares of the mining company’s stock worth $104,000 after acquiring an additional 300 shares in the last quarter. Virtu KCG Holdings LLC boosted its holdings in NovaGold Resources by 82.6% in the second quarter. Virtu KCG Holdings LLC now owns 38,577 shares of the mining company’s stock worth $176,000 after acquiring an additional 17,451 shares in the last quarter. Bank of Nova Scotia bought a new stake in NovaGold Resources in the second quarter worth $296,000. Cubist Systematic Strategies LLC boosted its holdings in NovaGold Resources by 365.9% in the second quarter. Cubist Systematic Strategies LLC now owns 69,351 shares of the mining company’s stock worth $316,000 after acquiring an additional 54,467 shares in the last quarter. Finally, Spectrum Asset Management Inc. NB CA bought a new stake in NovaGold Resources in the fourth quarter worth $346,000.
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About NovaGold Resources
Novagold Resources Inc is a mineral exploration company. The Company is engaged in the exploration and development of mineral properties. The Company’s segments include the Donlin Gold project in Alaska, the United States and the Galore Creek project in British Columbia, Canada. The Company operates in the gold mining industry, primarily focused on advancing permitting of the Donlin Gold project in Alaska.
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