NovaGold Resources (TSE:NG) Shares Up 39.2% – Time to Buy?

NovaGold Resources Inc. (TSE:NG)’s share price traded up 39.2% during mid-day trading on Wednesday . The stock traded as high as C$6.31 and last traded at C$6.00. 1,599,408 shares were traded during trading, an increase of 458% from the average session volume of 286,535 shares. The stock had previously closed at C$4.31.

Analysts Set New Price Targets

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

NovaGold Resources Price Performance

The stock has a market capitalization of C$1.64 billion, a P/E ratio of -35.97 and a beta of 1.07. The company’s 50 day simple moving average is C$4.45 and its two-hundred day simple moving average is C$4.70.

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.