Novagold Resources (NYSEAMERICAN:NG) Shares Up 10% – Here’s What Happened

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shot up 10% during mid-day trading on Monday . The company traded as high as $8.52 and last traded at $8.5250. 1,514,303 shares were traded during mid-day trading, a decline of 64% from the average session volume of 4,198,248 shares. The stock had previously closed at $7.75.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NG shares. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. B. Riley Financial upped their price target on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Scotiabank began coverage on Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. Finally, Royal Bank Of Canada dropped their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Novagold Resources has a consensus rating of “Moderate Buy” and a consensus price target of $13.17.

Novagold Resources Stock Down 0.6%

The company’s fifty day moving average price is $10.55 and its 200-day moving average price is $9.55. The stock has a market capitalization of $3.55 billion, a PE ratio of -32.32 and a beta of 0.75. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Transactions at Novagold Resources

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $9.36 per share, with a total value of $37,440.00. Following the transaction, the director owned 4,000 shares of the company’s stock, valued at $37,440. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Van ECK Associates Corp increased its position in shares of Novagold Resources by 29.2% during the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock valued at $71,802,000 after acquiring an additional 1,842,582 shares in the last quarter. Vanguard Group Inc. lifted its position in Novagold Resources by 23.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after acquiring an additional 2,815,780 shares in the last quarter. Capital World Investors boosted its stake in Novagold Resources by 12.8% during the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after purchasing an additional 2,000,000 shares during the last quarter. Alps Advisors Inc. boosted its stake in Novagold Resources by 32.7% during the 3rd quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock valued at $14,479,000 after purchasing an additional 405,843 shares during the last quarter. Finally, CapWealth Advisors LLC bought a new stake in shares of Novagold Resources in the 3rd quarter worth $616,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.