Amitell Capital Pte Ltd Reduces Holdings in Novagold Resources Inc. $NG

Amitell Capital Pte Ltd decreased its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 27.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 416,178 shares of the mining company’s stock after selling 159,522 shares during the period. Novagold Resources accounts for 2.2% of Amitell Capital Pte Ltd’s investment portfolio, making the stock its 16th biggest position. Amitell Capital Pte Ltd owned approximately 0.10% of Novagold Resources worth $3,662,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its stake in shares of Novagold Resources by 5.4% during the 3rd 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 period. Federated Hermes Inc. lifted its position in Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after buying an additional 1,610 shares during the period. CWM LLC lifted its position in 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 buying an additional 2,137 shares during the period. Investment Management Corp of Ontario boosted its stake in Novagold Resources by 18.6% in the 2nd quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after buying an additional 2,900 shares during the last quarter. Finally, Profund Advisors LLC grew its holdings in Novagold Resources by 16.9% in the 2nd quarter. Profund Advisors LLC now owns 29,918 shares of the mining company’s stock valued at $122,000 after buying an additional 4,334 shares during the period. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

Novagold Resources Trading Up 1.5%

NG opened at $11.85 on Thursday. The company has a fifty day moving average price of $10.14 and a two-hundred day moving average price of $8.91. Novagold Resources Inc. has a 1-year low of $2.26 and a 1-year high of $12.11. The company has a market cap of $5.20 billion, a P/E ratio of -47.40 and a beta of 0.82. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insiders Place Their Bets

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of the firm’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. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 2.88% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NG. B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. BMO Capital Markets initiated coverage on Novagold Resources in a research report on Tuesday, November 4th. They set an “outperform” rating on the stock. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Scotiabank assumed coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. Finally, National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources 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.