Novagold Resources Inc. (NYSEAMERICAN:NG) Stock Has Consensus Price Target of $12.30 According to Analysts

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned an average rating of “Buy” from the seven analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $12.30.

Several research analysts recently issued reports on NG shares. B. Riley Financial initiated coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target for the company. Morgan Stanley decreased their price objective on Novagold Resources from $13.60 to $13.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 7th. Finally, Citigroup assumed coverage on Novagold Resources in a research note on Friday, November 6th. They set a “buy” rating and a $12.50 price objective for the company.

Novagold Resources Stock Performance

NYSEAMERICAN NG traded down $0.13 during trading on Friday, hitting $5.63. The company’s stock had a trading volume of 4,121,046 shares, compared to its average volume of 4,223,231. The company has a quick ratio of 44.51, a current ratio of 44.51 and a debt-to-equity ratio of 0.46. Novagold Resources has a 52 week low of $5.07 and a 52 week high of $14.40. The firm has a 50 day moving average price of $6.66 and a 200 day moving average price of $8.05. The firm has a market cap of $2.47 billion, a P/E ratio of -26.81 and a beta of 0.97.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Equities research analysts forecast that Novagold Resources will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

A number of large investors have recently bought and sold shares of the company. Sunbelt Securities Inc. grew its stake in shares of Novagold Resources by 34,166.7% in the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after buying an additional 3,075 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Novagold Resources by 179.9% during the 3rd quarter. GAMMA Investing LLC now owns 4,375 shares of the mining company’s stock worth $28,000 after buying an additional 2,812 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Novagold Resources by 91.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,851 shares of the mining company’s stock worth $32,000 after buying an additional 2,322 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Novagold Resources during the 2nd quarter worth about $33,000. Finally, Pinnacle Wealth Planning Services Inc. boosted its holdings in shares of Novagold Resources by 6,221.2% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 5,057 shares of the mining company’s stock worth $33,000 after buying an additional 4,977 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.

About Novagold Resources

NOVAGOLD Resources Inc. is a Canadian-based precious metals company focused on advancing the Donlin Gold project in southwestern Alaska. The company is a development-stage business and does not currently operate producing mines. Donlin Gold is owned equally by NOVAGOLD and Barrick Gold Corporation. The partners are working to advance the project, which is located in the Kuskokwim region of Alaska. NOVAGOLD’s activities center on evaluating and developing the Donlin Gold project, including its exploration, engineering, permitting and related planning work.