Capital World Investors Purchases 2,000,000 Shares of Novagold Resources Inc. $NG

Capital World Investors grew its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 12.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 17,666,000 shares of the mining company’s stock after purchasing an additional 2,000,000 shares during the quarter. Capital World Investors’ holdings in Novagold Resources were worth $155,461,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hantz Financial Services Inc. acquired a new stake in shares of Novagold Resources during the 3rd quarter worth approximately $40,000. Shepherd Financial Partners LLC acquired a new position in Novagold Resources during the second quarter valued at approximately $41,000. Quadrature Capital Ltd bought a new stake in Novagold Resources during the second quarter worth $44,000. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources during the first quarter worth $44,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after purchasing an additional 1,610 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on NG. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Scotiabank started coverage on Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. Finally, B. Riley Financial raised 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. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Novagold Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.83.

Insider Buying and Selling

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.88% of the stock is currently owned by corporate insiders.

Novagold Resources Stock Performance

Shares of NG stock opened at $11.70 on Thursday. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of -46.80 and a beta of 0.75. 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 $10.69 and its 200-day moving average price is $9.38. Novagold Resources Inc. 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.