Novagold Resources (NYSEAMERICAN:NG) Hits New 12-Month High Following Analyst Upgrade

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) reached a new 52-week high on Wednesday after B. Riley raised their price target on the stock from $11.00 to $13.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $11.76 and last traded at $11.74, with a volume of 8767466 shares trading hands. The stock had previously closed at $10.43.

Other equities analysts have also recently issued research reports about the company. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Citigroup increased their price target on 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 upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Finally, BMO Capital Markets initiated coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NG. Ameritas Investment Partners Inc. lifted its holdings in Novagold Resources by 5.4% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after purchasing an additional 1,287 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Novagold Resources by 1.8% during the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after purchasing an additional 1,299 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after acquiring an additional 1,610 shares during the period. Robertson Stephens Wealth Management LLC raised its position in Novagold Resources by 0.7% in the 2nd quarter. Robertson Stephens Wealth Management LLC now owns 289,101 shares of the mining company’s stock valued at $1,182,000 after purchasing an additional 1,868 shares in the last quarter. Finally, CWM LLC lifted its stake in Novagold Resources by 20.3% in the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock worth $52,000 after acquiring an additional 2,137 shares during the last quarter. 57.56% of the stock is owned by hedge funds and other institutional investors.

Novagold Resources Stock Up 12.6%

The firm’s fifty day simple moving average is $9.80 and its 200 day simple moving average is $8.22. 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 company has a market cap of $4.78 billion, a price-to-earnings ratio of -46.96 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.