Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $10.1667.

A number of equities analysts recently issued reports on NG shares. Citigroup lifted their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. BMO Capital Markets began coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Finally, B. Riley boosted their price target on shares of Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 30th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in Novagold Resources during the 1st quarter worth about $44,000. AQR Capital Management LLC boosted its holdings in shares of Novagold Resources by 103.9% during the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after purchasing an additional 4,896 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Novagold Resources in the 1st quarter valued at approximately $157,000. Finally, Goldman Sachs Group Inc. lifted its position 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 buying an additional 210,631 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $10.00 on Friday. Novagold Resources has a twelve month low of $2.26 and a twelve month high of $10.90. The company has a current ratio of 26.91, a quick ratio of 26.91 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average of $9.55 and a two-hundred day moving average of $7.91. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -40.00 and a beta of 0.83.

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.