Novagold Resources (NYSEAMERICAN:NG) Upgraded at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) to a moderate buy rating in a report published on Thursday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Royal Bank Of Canada dropped their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. B. Riley Financial boosted their price objective on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Finally, Scotiabank assumed coverage on shares of Novagold Resources in a report on Friday, February 6th. They set a “sector outperform” rating on the stock. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Novagold Resources has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Novagold Resources Trading Up 6.0%

NYSEAMERICAN:NG opened at $8.19 on Thursday. Novagold Resources has a 12 month low of $2.26 and a 12 month high of $14.40. 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 firm’s 50 day moving average is $10.43 and its 200 day moving average is $9.56. The stock has a market capitalization of $3.59 billion, a PE ratio of -32.76 and a beta of 0.75.

Insider Activity

In related news, Director Dawn Patricia Whittaker bought 4,000 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at approximately $37,440. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Novagold Resources during the 1st quarter valued at $44,000. AQR Capital Management LLC boosted its stake in Novagold Resources by 103.9% in the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Novagold Resources by 1.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after purchasing an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Novagold Resources during the 1st quarter valued at about $157,000. Finally, Goldman Sachs Group Inc. grew its holdings in Novagold Resources by 13.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock valued at $5,159,000 after buying an additional 210,631 shares in the last quarter. 57.56% of the stock is currently owned by hedge funds and other 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.