B. Riley Forecasts Strong Price Appreciation for Novagold Resources (NYSEAMERICAN:NG) Stock

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price objective lifted by B. Riley from $11.00 to $13.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the mining company’s stock. B. Riley’s price target suggests a potential upside of 24.15% from the stock’s current price.

Several other analysts have also issued reports on the company. BMO Capital Markets initiated coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Citigroup lifted their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Finally, Zacks Research cut shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Stock Up 0.4%

Shares of NG stock traded up $0.04 on Tuesday, hitting $10.47. 918,943 shares of the stock were exchanged, compared to its average volume of 2,880,157. The business has a 50-day moving average of $9.74 and a 200 day moving average of $8.17. Novagold Resources has a fifty-two week low of $2.26 and a fifty-two week high of $11.28. The firm has a market capitalization of $4.26 billion, a P/E ratio of -42.05 and a beta of 0.83. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Lingotto Investment Management LLP grew its stake in 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 worth $142,753,000 after buying an additional 13,180,065 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Novagold Resources by 518.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock worth $19,513,000 after acquiring an additional 4,000,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Novagold Resources by 23.9% during the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after acquiring an additional 2,815,780 shares in the last quarter. UBS Group AG increased its stake in Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after purchasing an additional 2,438,052 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

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.