B. Riley Issues Positive Forecast for Novagold Resources (NYSEAMERICAN:NG) Stock Price

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price objective hoisted by B. Riley from $11.00 to $13.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the mining company’s stock.

Several other equities research analysts have also recently commented on NG. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Citigroup lifted their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Finally, BMO Capital Markets started coverage on shares of Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Stock Up 12.6%

Shares of Novagold Resources stock opened at $11.74 on Tuesday. The company has a market cap of $4.78 billion, a P/E ratio of -46.96 and a beta of 0.83. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $11.76. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a 50-day moving average price of $9.80 and a 200 day moving average price of $8.22.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NG. Hantz Financial Services Inc. acquired a new position in shares of Novagold Resources during the third quarter worth approximately $40,000. TD Waterhouse Canada Inc. increased its holdings in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after purchasing an additional 4,000 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after acquiring an additional 1,610 shares during the last quarter. Shepherd Financial Partners LLC bought a new stake in Novagold Resources in the second quarter valued at approximately $41,000. Finally, Cresset Asset Management LLC bought a new stake in shares of Novagold Resources in the 3rd quarter valued at $88,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Company Profile

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.