Novagold Resources (NYSEAMERICAN:NG) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $7.83 and traded as high as $10.64. Novagold Resources shares last traded at $10.37, with a volume of 2,595,725 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NG shares. Citigroup upped their price objective on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. B. Riley boosted their price target on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. BMO Capital Markets assumed coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating on the stock. Finally, National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $10.17.

Novagold Resources Stock Up 0.6%

The firm has a market cap of $4.22 billion, a P/E ratio of -41.48 and a beta of 0.83. The firm’s 50 day moving average is $9.47 and its two-hundred day moving average is $7.83. The company has a current ratio of 26.91, a quick ratio of 26.91 and a debt-to-equity ratio of 0.92.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. bought a new stake in shares of Novagold Resources in the third quarter worth about $40,000. Federated Hermes Inc. raised its stake in shares of Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after purchasing an additional 1,610 shares during the period. Shepherd Financial Partners LLC bought a new stake in shares of Novagold Resources in the second quarter valued at about $41,000. Cresset Asset Management LLC acquired a new position in shares of Novagold Resources during the third quarter worth about $88,000. Finally, Quadrature Capital Ltd bought a new position in shares of Novagold Resources during the second quarter worth about $44,000. 57.56% of the stock is currently owned by institutional investors.

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.