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

NovaGold Resources Inc. (TSE:NG) shares were 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.

Analyst Upgrades and Downgrades

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

NovaGold Resources Price Performance

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