NovaGold Resources (TSE:NG) Shares Break Above Fifty Day Moving Average – Here’s Why

Shares of NovaGold Resources Inc. (TSE:NG) passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of C$9.62 and traded as high as C$9.85. NovaGold Resources shares last traded at C$9.71, with a volume of 716,018 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on NG shares. Citigroup began coverage on NovaGold Resources in a research note on Friday. They set a “strong-buy” rating on the stock. B. Riley Financial raised NovaGold Resources to a “strong-buy” rating in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average target price of C$21.00.

NovaGold Resources Price Performance

The company’s 50 day simple moving average is C$9.62 and its 200 day simple moving average is C$11.28. The firm has a market cap of C$4.26 billion, a price-to-earnings ratio of -46.24 and a beta of 4.20.

About NovaGold Resources

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.