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

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. National Bank Financial upgraded NovaGold Resources to a “hold” rating in a research note on Friday, March 21st. Royal Bank of Canada raised NovaGold Resources from a “hold” rating to a “moderate buy” rating in a research report on Wednesday.

NovaGold Resources Stock Down 5.0%

The stock has a 50-day moving average of C$4.93 and a 200 day moving average of C$4.79. The company has a market capitalization of C$1.37 billion, a PE 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.