NovaGold Resources (TSE:NG) Shares Up 24% – Still a Buy?

Shares of NovaGold Resources Inc. (TSE:NG) shot up 24% during trading on Thursday . The stock traded as high as C$6.53 and last traded at C$6.41. 1,907,457 shares traded hands 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.

Analyst Ratings Changes

Separately, National Bank Financial upgraded NovaGold Resources to a “hold” rating in a report on Friday, March 21st.

NovaGold Resources Stock Performance

The stock has a market cap of C$1.53 billion, a P/E ratio of -33.46 and a beta of 1.07. The business has a 50 day simple moving average of C$4.86 and a 200-day simple moving average of C$4.78.

NovaGold Resources Company Profile

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.