Novagold Resources (NYSEAMERICAN:NG) Coverage Initiated at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group assumed coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a note issued to investors on Friday, MarketBeat.com reports. The firm set a “speculative buy” rating and a $13.00 price target on the mining company’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 58.73% from the company’s current price.

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

Novagold Resources Trading Up 6.0%

Shares of NYSEAMERICAN NG opened at $8.19 on Friday. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The business has a fifty day simple moving average of $10.43 and a two-hundred day simple moving average of $9.56. The firm has a market cap of $3.59 billion, a PE ratio of -32.76 and a beta of 0.75. Novagold Resources has a twelve month low of $2.26 and a twelve month high of $14.40.

Insider Activity at Novagold Resources

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of the stock in a transaction dated 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 acquisition, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.88% of the company’s stock.

Institutional Investors Weigh In On Novagold Resources

Several institutional investors have recently bought and sold shares of NG. Cubist Systematic Strategies LLC purchased a new position in Novagold Resources in the first quarter worth $44,000. AQR Capital Management LLC lifted its holdings in shares of Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after purchasing an additional 22,289 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after buying an additional 4,896 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Novagold Resources during the 1st quarter worth $157,000. Finally, Goldman Sachs Group Inc. increased its position 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 institutional investors and hedge funds.

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.