Groupe la Francaise Boosts Stock Holdings in Novagold Resources Inc. $NG

Groupe la Francaise increased its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 23.1% in the second quarter, Holdings Channel.com reports. The fund owned 400,000 shares of the mining company’s stock after purchasing an additional 75,000 shares during the period. Groupe la Francaise’s holdings in Novagold Resources were worth $2,393,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sunbelt Securities Inc. lifted its position in Novagold Resources by 34,166.7% in the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after acquiring an additional 3,075 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Novagold Resources in the 4th quarter worth $38,000. Kestra Advisory Services LLC purchased a new position in shares of Novagold Resources in the fourth quarter worth $47,000. Harbor Investment Advisory LLC bought a new position in shares of Novagold Resources during the second quarter valued at $33,000. Finally, Assetmark Inc. bought a new position in shares of Novagold Resources during the first quarter valued at $84,000. 57.56% of the stock is owned by institutional investors.

Novagold Resources Stock Performance

NYSEAMERICAN:NG opened at $8.07 on Tuesday. The company has a market cap of $3.54 billion, a PE ratio of -47.47 and a beta of 0.92. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The company has a 50 day simple moving average of $7.02 and a two-hundred day simple moving average of $8.35. Novagold Resources Inc. has a 12 month low of $5.07 and a 12 month high of $14.40.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. Research analysts forecast that Novagold Resources Inc. will post -0.13 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on NG. Morgan Stanley dropped their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. B. Riley Financial assumed coverage on shares of Novagold Resources in a research note on Monday, August 3rd. They set a “buy” rating and a $9.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $12.42.

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.