Morgan Stanley Lowers Novagold Resources (NYSEAMERICAN:NG) Price Target to $13.60

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price target dropped by analysts at Morgan Stanley from $13.80 to $13.60 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the mining company’s stock. Morgan Stanley’s target price would suggest a potential upside of 122.95% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price on the stock. Royal Bank Of Canada cut their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Zacks Research raised Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $13.22.

Novagold Resources Trading Down 5.6%

Shares of Novagold Resources stock opened at $6.10 on Wednesday. The firm has a market capitalization of $2.68 billion, a PE ratio of -35.88 and a beta of 0.84. 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 firm’s 50 day moving average is $7.69 and its 200 day moving average is $9.24. Novagold Resources has a 1 year low of $4.34 and a 1 year high of $14.40.

Institutional Trading of Novagold Resources

A number of institutional investors and hedge funds have recently bought and sold shares of NG. Torren Management LLC bought a new position in Novagold Resources during the 4th quarter worth $27,000. Sunbelt Securities Inc. increased 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 during the period. Leonteq Securities AG bought a new position in shares of Novagold Resources during the fourth quarter worth about $38,000. Kestra Advisory Services LLC bought a new position in shares of Novagold Resources during the fourth quarter worth about $47,000. Finally, TD Waterhouse Canada Inc. lifted its stake 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 acquiring an additional 4,000 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.