Novagold Resources (NYSEAMERICAN:NG) Sets New 1-Year High Following Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price hit a new 52-week high during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $11.00 to $13.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $11.76 and last traded at $11.74, with a volume of 8767466 shares changing hands. The stock had previously closed at $10.43.

A number of other brokerages have also recently commented on NG. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. BMO Capital Markets initiated coverage on Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating for the company. Zacks Research lowered Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, Citigroup raised their target price on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.83.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors and hedge funds have recently modified their holdings of NG. Hantz Financial Services Inc. acquired a new stake in Novagold Resources during the third quarter worth approximately $40,000. Shepherd Financial Partners LLC purchased a new position in shares of Novagold Resources during the 2nd quarter worth $41,000. Quadrature Capital Ltd acquired a new stake in shares of Novagold Resources during the second quarter worth $44,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources during the first quarter worth $44,000. Finally, Abel Hall LLC purchased a new stake in shares of Novagold Resources in the second quarter valued at $47,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Up 12.6%

The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. The firm has a fifty day simple moving average of $9.80 and a 200 day simple moving average of $8.22. The company has a market cap of $4.78 billion, a PE ratio of -46.96 and a beta of 0.83.

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.