Alps Advisors Inc. Buys 405,843 Shares of Novagold Resources Inc. $NG

Alps Advisors Inc. boosted its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 32.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,645,340 shares of the mining company’s stock after purchasing an additional 405,843 shares during the period. Alps Advisors Inc. owned about 0.40% of Novagold Resources worth $14,479,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the company. Hantz Financial Services Inc. purchased a new position in shares of Novagold Resources during the 3rd quarter valued at $40,000. Shepherd Financial Partners LLC bought a new stake in Novagold Resources in the 2nd quarter valued at about $41,000. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources in the 1st quarter valued at about $44,000. Quadrature Capital Ltd purchased a new stake in Novagold Resources during the second quarter valued at about $44,000. Finally, CWM LLC boosted its position in Novagold Resources by 20.3% during the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock worth $52,000 after purchasing an additional 2,137 shares during the period. 57.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NG has been the topic of several research reports. Citigroup boosted their price target on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research report on Wednesday, October 15th. B. Riley Financial lifted their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. BMO Capital Markets initiated coverage on Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating for the company. Finally, Scotiabank started coverage on Novagold Resources in a research note on Friday. They set a “sector outperform” rating on the stock. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Insider Activity

In other Novagold Resources news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the acquisition, the director owned 4,000 shares of the company’s stock, valued at $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.39% of the company’s stock.

Novagold Resources Stock Up 10.7%

NG opened at $9.19 on Monday. The firm has a market capitalization of $3.74 billion, a P/E ratio of -36.76 and a beta of 0.82. Novagold Resources Inc. has a one year low of $2.26 and a one year high of $12.09. The company has a fifty day moving average price of $9.85 and a 200-day moving average price of $8.44. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

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.