Novagold Resources (NYSEAMERICAN:NG) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $7.83 and traded as high as $10.64. Novagold Resources shares last traded at $10.37, with a volume of 2,595,725 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NG shares. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Citigroup increased their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. BMO Capital Markets began coverage on shares of Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. B. Riley upped their target price on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Finally, Zacks Research cut shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.17.

Novagold Resources Stock Up 0.6%

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 stock has a market cap of $4.22 billion, a price-to-earnings ratio of -41.48 and a beta of 0.83. The stock has a fifty day moving average of $9.47 and a two-hundred day moving average of $7.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NG. Hantz Financial Services Inc. bought a new position in Novagold Resources in the 3rd quarter worth approximately $40,000. Shepherd Financial Partners LLC acquired a new stake in shares of Novagold Resources in the second quarter worth $41,000. Quadrature Capital Ltd purchased a new position in Novagold Resources during the 2nd quarter valued at about $44,000. Cubist Systematic Strategies LLC acquired a new position in Novagold Resources in the 1st quarter valued at approximately $44,000. Finally, Abel Hall LLC purchased a new stake in shares of Novagold Resources during the second quarter worth $47,000. 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.