Novagold Resources Inc. (NYSEAMERICAN:NG) Receives $10.83 Consensus Price Target from Brokerages

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $10.8333.

Several analysts have recently weighed in on NG shares. Scotiabank started coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial upped their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. BMO Capital Markets began coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating for the company. Finally, National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th.

Novagold Resources Stock Performance

Shares of Novagold Resources stock opened at $10.75 on Thursday. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock’s fifty day moving average is $9.94 and its two-hundred day moving average is $8.67. Novagold Resources has a 52 week low of $2.26 and a 52 week high of $12.09. The company has a market capitalization of $4.72 billion, a PE ratio of -43.00 and a beta of 0.82.

Insiders Place Their Bets

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the acquisition, the director owned 4,000 shares of the company’s stock, valued at $37,440. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Novagold Resources

A number of institutional investors have recently made changes to their positions in the business. Kestra Advisory Services LLC purchased a new position in Novagold Resources during the 4th quarter worth $47,000. Marshall Wace LLP acquired a new stake in Novagold Resources in the fourth quarter worth about $7,431,000. Public Sector Pension Investment Board grew its stake in shares of Novagold Resources by 401.9% during the fourth quarter. Public Sector Pension Investment Board now owns 108,273 shares of the mining company’s stock worth $1,010,000 after acquiring an additional 86,699 shares during the last quarter. State Street Corp grew its stake in shares of Novagold Resources by 0.3% during the fourth quarter. State Street Corp now owns 4,762,347 shares of the mining company’s stock worth $44,385,000 after acquiring an additional 15,622 shares during the last quarter. Finally, Martingale Asset Management L P acquired a new position in shares of Novagold Resources during the fourth quarter valued at about $380,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

About Novagold Resources

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.