Novagold Resources (NYSEAMERICAN:NG) Earns Speculative Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research note issued to investors on Friday morning, MarketBeat reports. The firm issued a speculative buy rating and a $13.00 target price on the mining company’s stock.

Other equities research analysts have also issued reports about the stock. Scotiabank started coverage on shares of Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. Royal Bank Of Canada lowered their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, B. Riley Financial upped their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Novagold Resources Stock Performance

Shares of NG stock opened at $8.19 on Friday. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of -32.76 and a beta of 0.74. The company’s fifty day simple moving average is $10.43 and its two-hundred day simple moving average is $9.58. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $14.40. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.39% of the company’s stock.

Institutional Trading of Novagold Resources

Several hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources in the 1st quarter valued at about $44,000. AQR Capital Management LLC grew its position in Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after acquiring an additional 22,289 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after acquiring an additional 4,896 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Novagold Resources in the 1st quarter worth approximately $157,000. Finally, Goldman Sachs Group Inc. increased its stake in Novagold Resources by 13.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares during the period. 57.56% of the stock is owned by institutional investors.

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.