Key Points
- Director Dawn Patricia Whittaker bought 4,000 shares of Novagold on Feb. 4 at an average price of $9.36 per share (totaling $37,440), a purchase disclosed in an SEC filing.
- Novagold shares have rallied (recently up about 10.7%) and analyst sentiment is broadly positive — six Buy ratings versus one Sell, with an average target of $10.83 and several firms raising targets or initiating coverage.
Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) (TSE:NG) Director Dawn Patricia Whittaker acquired 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the acquisition, the director owned 4,000 shares of the company's stock, valued at $37,440. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Novagold Resources Trading Up 10.7%
Shares of Novagold Resources stock opened at $9.19 on Friday. The company has a 50-day moving average of $9.85 and a two-hundred day moving average of $8.41. Novagold Resources Inc. has a 12-month low of $2.26 and a 12-month high of $12.09. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a market cap of $3.74 billion, a PE ratio of -36.76 and a beta of 0.82.
Hedge Funds Weigh In On Novagold Resources
Several institutional investors and hedge funds have recently modified their holdings of the company. Torren Management LLC purchased a new stake in Novagold Resources in the 4th quarter worth approximately $27,000. Leonteq Securities AG purchased a new stake in shares of Novagold Resources in the fourth quarter valued at $38,000. Hantz Financial Services Inc. acquired a new position in Novagold Resources in the third quarter valued at $40,000. TD Waterhouse Canada Inc. increased its stake in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company's stock valued at $49,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company's stock worth $54,000 after buying an additional 1,610 shares during the period. Hedge funds and other institutional investors own 57.56% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on NG. B. Riley Financial upped their target price on Novagold Resources from $11.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday, January 27th. National Bank Financial raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, October 29th. BMO Capital Markets initiated coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They set an "outperform" rating for the company. Citigroup upped their price target on shares of Novagold Resources from $7.00 to $12.50 and gave the company a "buy" rating in a report on Wednesday, October 15th. Finally, Scotiabank initiated coverage on shares of Novagold Resources in a research note on Friday. They set a "sector outperform" rating for the company. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $10.83.
Check Out Our Latest Stock Report on NG
About Novagold Resources
(
Get Free Report)
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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