Novagold Resources (NYSEAMERICAN:NG) Shares Gap Up – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up prior to trading on Tuesday . The stock had previously closed at $8.54, but opened at $9.17. Novagold Resources shares last traded at $8.8180, with a volume of 529,041 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on NG shares. Citigroup lifted their price objective on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. B. Riley upped their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday. Finally, BMO Capital Markets assumed coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating for the company. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Novagold Resources presently has an average rating of “Moderate Buy” and an average target price of $10.83.

Novagold Resources Trading Up 3.8%

The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -35.57 and a beta of 0.82. 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 business’s 50 day moving average price is $9.91 and its two-hundred day moving average price is $8.35.

Institutional Trading of Novagold Resources

Hedge funds have recently made changes to their positions in the company. Torren Management LLC acquired a new position in shares of Novagold Resources in the fourth quarter valued at approximately $27,000. Hantz Financial Services Inc. bought a new stake in Novagold Resources during the 3rd quarter worth approximately $40,000. Shepherd Financial Partners LLC acquired a new position in Novagold Resources in the 2nd quarter valued at approximately $41,000. Quadrature Capital Ltd bought a new position in shares of Novagold Resources during the second quarter valued at $44,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Novagold Resources during the first quarter valued at $44,000. 57.56% of the stock is owned by institutional investors and hedge funds.

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.