Novagold Resources Inc. (NYSEAMERICAN:NG – Get Free Report) (TSE:NG) was the recipient of some unusual options trading on Wednesday. Stock traders purchased 4,318 call options on the stock. This is an increase of 86% compared to the typical daily volume of 2,322 call options.
Institutional Investors Weigh In On Novagold Resources
Hedge funds have recently bought and sold shares of the stock. Quantinno Capital Management LP raised its position in shares of Novagold Resources by 1,075.2% in the first quarter. Quantinno Capital Management LP now owns 358,148 shares of the mining company’s stock worth $3,216,000 after acquiring an additional 327,672 shares during the period. Renaissance Technologies LLC acquired a new stake in Novagold Resources in the first quarter valued at approximately $7,972,000. International Assets Investment Management LLC purchased a new stake in shares of Novagold Resources in the first quarter valued at approximately $950,000. Greenwich Wealth Management LLC purchased a new stake in shares of Novagold Resources in the fourth quarter valued at approximately $18,640,000. Finally, Groupe la Francaise acquired a new stake in Novagold Resources in the 1st quarter valued at $2,918,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.
Novagold Resources Stock Performance
NYSEAMERICAN NG traded up $0.27 on Wednesday, reaching $8.16. 1,207,329 shares of the company’s stock traded hands, compared to its average volume of 4,172,579. Novagold Resources has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of -48.01 and a beta of 0.92. The stock has a 50 day moving average price of $7.06 and a 200-day moving average price of $8.33.
Analyst Ratings Changes
A number of analysts have commented on the company. B. Riley Financial assumed coverage on Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 price target for the company. Morgan Stanley decreased 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. One equities research 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 stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $12.42.
Get Our Latest Report on Novagold Resources
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.
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