Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – Should You Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $8.08, but opened at $8.66. Novagold Resources shares last traded at $8.2750, with a volume of 781,986 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NG shares. Scotiabank initiated coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Royal Bank Of Canada dropped their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Finally, B. Riley Financial raised their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.17.

Novagold Resources Trading Up 2.2%

The stock has a market cap of $3.62 billion, a PE ratio of -33.08 and a beta of 0.75. 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 stock’s fifty day moving average price is $10.55 and its 200 day moving average price is $9.55.

Insider Buying and Selling

In other Novagold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of Novagold Resources stock in a transaction on Wednesday, February 4th. The stock was acquired at an average price of $9.36 per share, with a total value of $37,440.00. Following the acquisition, the director owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Electrum Group LLC purchased a new stake in shares of Novagold Resources during the 4th quarter valued at about $865,854,000. Lingotto Investment Management LLP raised its holdings in shares of Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after purchasing an additional 13,180,065 shares during the last quarter. Kopernik Global Investors LLC raised its holdings in shares of Novagold Resources by 2.8% during the second quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock valued at $78,181,000 after purchasing an additional 523,479 shares during the last quarter. Capital World Investors lifted its position in Novagold Resources by 12.8% during the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after purchasing an additional 2,000,000 shares during the period. Finally, Vanguard Group Inc. lifted its position in Novagold Resources by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock valued at $137,647,000 after purchasing an additional 173,474 shares during the period. Institutional investors own 57.56% of the company’s stock.

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.