Allspring Global Investments Holdings LLC Makes New Investment in Novagold Resources Inc. (NYSEAMERICAN:NG)

Allspring Global Investments Holdings LLC purchased a new position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,775 shares of the mining company’s stock, valued at approximately $56,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its stake in shares of Novagold Resources by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company’s stock valued at $26,000 after acquiring an additional 6,959 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Novagold Resources in the fourth quarter valued at approximately $35,000. Wolverine Trading LLC raised its stake in shares of Novagold Resources by 4,789.1% in the fourth quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock valued at $53,000 after acquiring an additional 16,666 shares during the last quarter. AXQ Capital LP bought a new position in shares of Novagold Resources in the fourth quarter valued at approximately $59,000. Finally, Jump Financial LLC bought a new position in shares of Novagold Resources in the fourth quarter valued at approximately $67,000. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $4.80 on Friday. The firm has a 50 day moving average of $4.05 and a 200-day moving average of $3.53. The stock has a market capitalization of $1.95 billion, a PE ratio of -20.00 and a beta of 0.67. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. Novagold Resources Inc. has a 12 month low of $2.26 and a 12 month high of $5.06.

Insiders Place Their Bets

In other Novagold Resources news, Director Hume D. Kyle bought 10,000 shares of Novagold Resources stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $4.10 per share, with a total value of $41,000.00. Following the acquisition, the director directly owned 22,348 shares of the company’s stock, valued at $91,626.80. The trade was a 80.98% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.88% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on NG shares. Royal Bank Of Canada upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th. National Bank Financial upgraded shares of Novagold Resources to a “hold” rating in a research report on Friday, March 21st.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.