Novagold Resources (NYSEAMERICAN:NG) Trading 4.1% Higher on Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were up 4.1% on Tuesday after B. Riley raised their price target on the stock from $9.00 to $11.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $8.88 and last traded at $8.83. Approximately 479,216 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 3,636,096 shares. The stock had previously closed at $8.48.

NG has been the topic of several other research reports. Citigroup initiated coverage on shares of Novagold Resources in a report on Wednesday, July 16th. They issued a “buy” rating and a $7.00 price target on the stock. Royal Bank Of Canada raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $8.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NG. Cary Street Partners Financial LLC acquired a new stake in Novagold Resources in the 1st quarter worth about $29,000. Squarepoint Ops LLC acquired a new position in shares of Novagold Resources during the 4th quarter worth $35,000. Dauntless Investment Group LLC acquired a new position in Novagold Resources during the first quarter worth about $39,000. Shepherd Financial Partners LLC acquired a new position in Novagold Resources during the second quarter worth about $41,000. Finally, Quadrature Capital Ltd acquired a new position in Novagold Resources during the second quarter worth about $44,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Stock Performance

The stock’s 50-day moving average is $6.48 and its 200-day moving average is $4.76. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of -36.67 and a beta of 0.66. 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 Company Profile

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.