NovaGold Resources (TSE:NG) Stock Jumps 5.9% – Here’s Why

Shares of NovaGold Resources Inc. (TSE:NG) were up 5.9% during trading on Friday. The stock traded as high as C$9.10 and last traded at C$9.04. Approximately 491,770 shares changed hands during trading, a decline of 28% from the average session volume of 679,292 shares. The stock had previously closed at C$8.54.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NG shares. Citigroup began coverage on shares of NovaGold Resources in a report on Friday. They issued a “strong-buy” rating for the company. B. Riley Financial upgraded shares of NovaGold Resources to a “strong-buy” rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, NovaGold Resources has an average rating of “Strong Buy” and a consensus target price of C$21.00.

NovaGold Resources Trading Up 5.9%

The firm has a fifty day moving average of C$9.67 and a 200 day moving average of C$11.30. The company has a market capitalization of C$3.97 billion, a P/E ratio of -43.05 and a beta of 4.20.

About NovaGold Resources

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.