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

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. National Bank Financial upgraded shares of NovaGold Resources to a “hold” rating in a research note on Friday, March 21st. Royal Bank of Canada upgraded shares of NovaGold Resources from a “hold” rating to a “moderate buy” rating in a research note on Wednesday.

NovaGold Resources Trading Down 5.0%

The firm’s 50-day moving average is C$4.93 and its 200-day moving average is C$4.79. The firm has a market cap of C$1.37 billion, a price-to-earnings ratio of -30.02 and a beta of 1.07.

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.