Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 10.7% After Insider Buying Activity

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares traded up 10.7% on Monday after an insider bought additional shares in the company. The company traded as high as $10.16 and last traded at $10.1750. 2,399,720 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 4,226,674 shares. The stock had previously closed at $9.19.

Specifically, Director Dawn Patricia Whittaker bought 4,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

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

Novagold Resources Trading Up 8.9%

The company’s 50 day moving average price is $9.85 and its two-hundred day moving average price is $8.47. The firm has a market cap of $4.07 billion, a PE ratio of -40.04 and a beta of 0.82. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02.

Institutional Trading of Novagold Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. grew its holdings in shares of Novagold Resources by 5.4% in the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after purchasing an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after acquiring an additional 1,299 shares in the last quarter. Federated Hermes Inc. grew its stake in Novagold Resources by 35.4% in the 3rd 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 in the last quarter. CWM LLC increased its position in shares of 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 acquiring an additional 2,137 shares during the period. Finally, Investment Management Corp of Ontario raised its stake in shares of Novagold Resources by 18.6% during the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock valued at $76,000 after acquiring an additional 2,900 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

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.