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

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up prior to trading on Wednesday . The stock had previously closed at $8.03, but opened at $8.29. Novagold Resources shares last traded at $8.4770, with a volume of 400,344 shares changing hands.

Wall Street Analyst Weigh In

NG has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. B. Riley Financial started coverage on Novagold Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $9.00 target price for the company. Finally, Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $12.42.

Novagold Resources Stock Performance

The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $3.63 billion, a PE ratio of -48.74 and a beta of 0.92. The company has a 50-day moving average price of $6.86 and a two-hundred day moving average price of $8.41.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. Analysts predict that Novagold Resources Inc. will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors have recently modified their holdings of the company. Cetera Investment Advisers boosted its stake in shares of Novagold Resources by 2.7% in the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock valued at $431,000 after purchasing an additional 1,235 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock valued at $652,000 after acquiring an additional 1,299 shares during the last quarter. Sprott Inc. lifted its stake in shares of Novagold Resources by 12.7% in the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after acquiring an additional 1,400 shares during the last quarter. Cooper Financial Group boosted its holdings in Novagold Resources by 9.5% during the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock valued at $179,000 after acquiring an additional 2,594 shares during the period. Finally, Investment Management Corp of Ontario grew its position in Novagold Resources by 18.6% during the 2nd quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after acquiring an additional 2,900 shares during the last quarter. 57.56% of the stock is currently owned by 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.