Novagold Resources (NYSEAMERICAN:NG) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $6.85 and traded as high as $6.98. Novagold Resources shares last traded at $6.88, with a volume of 3,120,985 shares trading hands.

Analysts Set New Price Targets

NG has been the subject of a number of research analyst reports. B. Riley Financial initiated coverage on Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 target price for the company. Citigroup started coverage on shares of Novagold Resources in a research report on Friday. They issued a “buy” rating and a $12.50 price target for the company. Finally, Morgan Stanley dropped their target price on Novagold Resources from $13.60 to $13.00 and set an “overweight” rating on the stock in a report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Novagold Resources currently has a consensus rating of “Buy” and a consensus target price of $12.30.

Novagold Resources Trading Up 7.5%

The company has a current ratio of 44.51, a quick ratio of 44.51 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $6.85 and a 200-day moving average price of $8.14. The firm has a market capitalization of $3.02 billion, a PE ratio of -32.76 and a beta of 0.97.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Analysts expect that Novagold Resources Inc. will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Novagold Resources

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its position in shares of Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock worth $51,380,000 after acquiring an additional 5,704,403 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Novagold Resources during the 1st quarter worth $7,972,000. Bank of New York Mellon Corp purchased a new stake in Novagold Resources during the 2nd quarter worth $5,197,000. Amundi increased its holdings in Novagold Resources by 11.5% in the 1st quarter. Amundi now owns 5,050,474 shares of the mining company’s stock valued at $45,353,000 after purchasing an additional 521,388 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. acquired a new stake in Novagold Resources in the 2nd quarter valued at $1,958,000. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

Novagold Resources Company Profile