Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – What’s Next?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up prior to trading on Wednesday . The stock had previously closed at $7.41, but opened at $7.96. Novagold Resources shares last traded at $8.20, with a volume of 948,546 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on NG shares. Morgan Stanley reduced their target price on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Scotiabank raised Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, B. Riley Financial initiated coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $12.42.

Novagold Resources Stock Performance

The stock has a market capitalization of $3.80 billion, a P/E ratio of -50.94 and a beta of 0.85. The company has a 50 day simple moving average of $6.67 and a 200-day simple moving average of $8.45. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. On average, equities analysts forecast that Novagold Resources Inc. will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Novagold Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Torren Management LLC bought a new stake in shares of Novagold Resources in the fourth quarter valued at approximately $27,000. Sunbelt Securities Inc. boosted its holdings 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 worth $28,000 after buying an additional 3,075 shares during the period. Harbor Investment Advisory LLC purchased a new position in Novagold Resources in the 2nd quarter valued at approximately $33,000. Leonteq Securities AG purchased a new position in Novagold Resources in the 4th quarter valued at approximately $38,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Novagold Resources during the 1st quarter valued at $44,000. Institutional investors own 57.56% of the company’s stock.

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.