NovaGold Resources (TSE:NG) Shares Up 24% – Should You Buy?

NovaGold Resources Inc. (TSE:NG)’s stock price was up 24% 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 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 equities analysts recently weighed in on NG shares. National Bank Financial upgraded NovaGold Resources to a “hold” rating in a research note on Friday, March 21st. Royal Bank of Canada upgraded NovaGold Resources from a “hold” rating to a “moderate buy” rating in a report on Wednesday.

NovaGold Resources Price Performance

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

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.