Novagold Resources Inc. (NYSEAMERICAN:NG) Receives $10.83 Average Target Price from Brokerages

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $10.8333.

A number of research analysts have weighed in on the stock. BMO Capital Markets started coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating on the stock. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Scotiabank began coverage on Novagold Resources in a report on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial increased their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Finally, Zacks Research cut Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th.

Novagold Resources Stock Performance

NYSEAMERICAN:NG opened at $10.75 on Thursday. Novagold Resources has a 1-year low of $2.26 and a 1-year high of $12.09. The stock has a market cap of $4.72 billion, a P/E ratio of -43.00 and a beta of 0.82. The stock’s 50-day moving average is $9.92 and its 200-day moving average is $8.60. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, for a total transaction 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. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.88% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Kestra Advisory Services LLC bought a new stake in shares of Novagold Resources during the fourth quarter valued at about $47,000. Marshall Wace LLP bought a new stake in Novagold Resources during the 4th quarter worth approximately $7,431,000. Public Sector Pension Investment Board lifted its stake in Novagold Resources by 401.9% in the 4th quarter. Public Sector Pension Investment Board now owns 108,273 shares of the mining company’s stock worth $1,010,000 after purchasing an additional 86,699 shares in the last quarter. State Street Corp lifted its stake in Novagold Resources by 0.3% in the 4th quarter. State Street Corp now owns 4,762,347 shares of the mining company’s stock worth $44,385,000 after purchasing an additional 15,622 shares in the last quarter. Finally, Martingale Asset Management L P bought a new position in Novagold Resources in the 4th quarter valued at $380,000. 57.56% of the stock is owned by institutional investors.

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.