NovaGold Resources (TSE:NG) Trading 24% Higher – Still a Buy?

NovaGold Resources Inc. (TSE:NG) traded up 24% on Thursday . The company traded as high as C$6.53 and last traded at C$6.41. 1,907,457 shares were traded during mid-day trading, an increase of 384% from the average session volume of 394,140 shares. The stock had previously closed at C$5.17.

Analysts Set New Price Targets

NG has been the topic of several research analyst reports. Royal Bank of Canada upgraded NovaGold Resources from a “hold” rating to a “moderate buy” rating in a report on Wednesday. National Bank Financial upgraded shares of NovaGold Resources to a “hold” rating in a research note on Friday, March 21st.

NovaGold Resources Trading Up 24.0%

The company has a market capitalization of C$1.53 billion, a price-to-earnings ratio of -33.46 and a beta of 1.07. The stock’s fifty day simple moving average is C$4.86 and its 200-day simple moving average is C$4.78.

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.