Novagold Resources (NYSEAMERICAN:NG) Trading 3.5% Higher – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price shot up 3.5% on Friday . The company traded as high as $10.39 and last traded at $10.2870. 887,837 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 3,575,376 shares. The stock had previously closed at $9.94.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NG shares. Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. BMO Capital Markets started coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. B. Riley lifted their price objective on Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Citigroup increased their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.17.

Novagold Resources Trading Up 2.4%

The company has a quick ratio of 26.91, a current ratio of 26.91 and a debt-to-equity ratio of 0.92. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of -40.72 and a beta of 0.81. The company has a 50-day moving average price of $9.10 and a 200 day moving average price of $7.32.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. acquired a new stake in Novagold Resources during the third quarter valued at $40,000. Shepherd Financial Partners LLC purchased a new stake in shares of Novagold Resources during the 2nd quarter worth about $41,000. Quadrature Capital Ltd acquired a new stake in shares of Novagold Resources during the 2nd quarter valued at about $44,000. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources in the 1st quarter valued at approximately $44,000. Finally, Abel Hall LLC bought a new stake in shares of Novagold Resources in the 2nd quarter valued at approximately $47,000. Hedge funds and other institutional investors 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.