Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $10.8333.

A number of brokerages have recently commented on NG. B. Riley Financial lifted their price target 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. Scotiabank initiated coverage on Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. Finally, Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th.

Insider Activity

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NG. Torren Management LLC bought a new stake in shares of Novagold Resources in the 4th quarter valued at $27,000. Leonteq Securities AG bought a new position in Novagold Resources during the fourth quarter worth $38,000. Hantz Financial Services Inc. acquired a new position in Novagold Resources in the third quarter valued at $40,000. Shepherd Financial Partners LLC bought a new stake in Novagold Resources during the second quarter valued at $41,000. Finally, Quadrature Capital Ltd bought a new stake in Novagold Resources during the second quarter valued at $44,000. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Shares of NG stock opened at $12.07 on Monday. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of -48.28 and a beta of 0.74. 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 business’s 50-day moving average price is $10.54 and its 200-day moving average price is $9.27. Novagold Resources has a 12 month low of $2.26 and a 12 month high of $14.40.

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.