Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 8.4% – Should You Buy?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) rose 8.4% during trading on Tuesday . The company traded as high as $8.74 and last traded at $8.7050. Approximately 649,512 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 4,175,764 shares. The stock had previously closed at $8.03.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Scotiabank assumed coverage on shares of Novagold Resources in a report on Friday, February 6th. They set a “sector outperform” rating for the company. Zacks Research cut shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Canaccord Genuity Group began coverage on Novagold Resources in a research report on Friday. They set a “speculative buy” rating and a $13.00 price objective for the company. Royal Bank Of Canada reduced their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Finally, B. Riley Financial increased their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $13.13.

Novagold Resources Stock Up 9.3%

The stock has a market cap of $3.85 billion, a price-to-earnings ratio of -35.02 and a beta of 0.74. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The firm’s 50 day moving average is $10.39 and its two-hundred day moving average is $9.59.

Insider Transactions at Novagold Resources

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Several large investors have recently added to or reduced their stakes in NG. Invesco Ltd. boosted its stake in Novagold Resources by 3.4% in the 4th quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock worth $1,743,000 after buying an additional 6,154 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Novagold Resources during the 4th quarter valued at about $121,000. Mackenzie Financial Corp lifted its holdings in shares of Novagold Resources by 73.0% during the 4th quarter. Mackenzie Financial Corp now owns 368,038 shares of the mining company’s stock worth $3,465,000 after acquiring an additional 155,336 shares during the period. Empowered Funds LLC boosted its position in shares of Novagold Resources by 70.6% in the fourth quarter. Empowered Funds LLC now owns 30,978 shares of the mining company’s stock worth $289,000 after acquiring an additional 12,816 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Novagold Resources by 2.5% in the fourth quarter. Wellington Management Group LLP now owns 1,273,964 shares of the mining company’s stock worth $11,873,000 after acquiring an additional 30,528 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.