Novagold Resources (NYSEAMERICAN:NG) Shares Pass Above 200-Day Moving Average – Time to Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.85 and traded as high as $11.24. Novagold Resources shares last traded at $11.00, with a volume of 2,515,211 shares traded.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NG. BMO Capital Markets started coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating for the company. Scotiabank assumed coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial increased their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. 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, Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Stock Up 2.1%

The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of -44.00 and a beta of 0.82. The firm has a 50 day simple moving average of $10.06 and a 200-day simple moving average of $8.85. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

Insider Buying and Selling

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The shares were bought at an average price 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 approximately $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.39% of the company’s stock.

Institutional Trading of Novagold Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NG. Cetera Investment Advisers lifted its position in Novagold Resources by 2.7% during the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock valued at $431,000 after purchasing an additional 1,235 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Novagold Resources by 5.4% during the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after buying an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Novagold Resources by 1.8% in the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock valued at $652,000 after buying an additional 1,299 shares during the period. Sprott Inc. boosted its stake in Novagold Resources by 12.7% in the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in Novagold Resources by 35.4% during 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 during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.