Lingotto Investment Management LLP Buys 84,820 Shares of Novagold Resources Inc. $NG

Lingotto Investment Management LLP raised its stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,196,788 shares of the mining company’s stock after buying an additional 84,820 shares during the quarter. Novagold Resources comprises about 5.7% of Lingotto Investment Management LLP’s portfolio, making the stock its 5th biggest holding. Lingotto Investment Management LLP owned about 8.65% of Novagold Resources worth $328,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Torren Management LLC acquired a new stake in shares of Novagold Resources during the fourth quarter worth about $27,000. Leonteq Securities AG acquired a new stake in shares of Novagold Resources during the fourth quarter worth about $38,000. Hantz Financial Services Inc. acquired a new stake in shares of Novagold Resources during the third quarter worth about $40,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources during the first quarter worth about $44,000. Finally, TD Waterhouse Canada Inc. lifted its position in shares of Novagold Resources by 307.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target on the stock. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Morgan Stanley assumed coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price target on the stock. Royal Bank Of Canada reduced their price target on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Finally, Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $13.26.

Novagold Resources Stock Down 2.8%

Shares of NYSEAMERICAN:NG opened at $8.33 on Tuesday. The firm’s 50 day moving average price is $8.73 and its 200 day moving average price is $9.65. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of -32.04 and a beta of 0.77. Novagold Resources Inc. has a fifty-two week low of $3.61 and a fifty-two week high of $14.40. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38.

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.