Novagold Resources (NYSEAMERICAN:NG) Stock Price Up 4.1% Following Analyst Upgrade

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shot up 4.1% on Tuesday after B. Riley raised their price target on the stock from $9.00 to $11.00. B. Riley currently has a buy rating on the stock. Novagold Resources traded as high as $8.88 and last traded at $8.83. 479,216 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 3,636,096 shares. The stock had previously closed at $8.48.

NG has been the topic of a number of other research reports. Royal Bank Of Canada raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th. Citigroup assumed coverage on shares of Novagold Resources in a research note on Wednesday, July 16th. They set a “buy” rating and a $7.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $8.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NG. Allspring Global Investments Holdings LLC acquired a new position in shares of Novagold Resources during the 1st quarter worth about $56,000. Sowell Financial Services LLC bought a new stake in Novagold Resources in the first quarter valued at approximately $146,000. Principal Financial Group Inc. raised its holdings in Novagold Resources by 21.0% in the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company’s stock worth $48,000 after purchasing an additional 2,848 shares during the period. Rhumbline Advisers boosted its position in shares of Novagold Resources by 2.6% during the first quarter. Rhumbline Advisers now owns 389,429 shares of the mining company’s stock worth $1,137,000 after purchasing an additional 9,797 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of Novagold Resources by 2.8% in the 1st quarter. TD Asset Management Inc now owns 700,313 shares of the mining company’s stock valued at $2,044,000 after buying an additional 19,017 shares during the period. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Stock Performance

The firm has a market cap of $3.65 billion, a P/E ratio of -37.31 and a beta of 0.66. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72. The stock’s 50-day moving average is $6.43 and its 200 day moving average is $4.73.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.