Greenwich Wealth Management LLC Buys New Position in Novagold Resources Inc. $NG

Greenwich Wealth Management LLC bought a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,000,001 shares of the mining company’s stock, valued at approximately $18,640,000. Novagold Resources accounts for 0.8% of Greenwich Wealth Management LLC’s holdings, making the stock its 23rd biggest holding. Greenwich Wealth Management LLC owned approximately 0.49% of Novagold Resources at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Torren Management LLC bought a new stake in Novagold Resources during the fourth quarter valued at approximately $27,000. Leonteq Securities AG purchased a new position in shares of Novagold Resources in the fourth quarter worth $38,000. Hantz Financial Services Inc. purchased a new position in shares of Novagold Resources in the third quarter worth $40,000. Cubist Systematic Strategies LLC purchased a new position in shares of Novagold Resources in the first quarter worth $44,000. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after buying an additional 4,000 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Trading Up 0.6%

NG stock opened at $8.38 on Wednesday. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. Novagold Resources Inc. has a twelve month low of $3.61 and a twelve month high of $14.40. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of -32.23 and a beta of 0.77. The firm’s fifty day simple moving average is $8.73 and its two-hundred day simple moving average is $9.65.

Wall Street Analysts Forecast Growth

NG has been the topic of several research analyst reports. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Royal Bank Of Canada lowered their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 target price on the stock. Finally, Morgan Stanley initiated coverage on shares of Novagold Resources in a report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $13.26.

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.