NovaGold Resources (TSE:NG) Trading Up 24% – Here’s What Happened

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 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 Analyst Weigh In

A number of equities research analysts have weighed in on NG shares. National Bank Financial upgraded shares of 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 report on Wednesday.

NovaGold Resources Trading Down 5.0%

The stock has a market cap of C$1.37 billion, a price-to-earnings ratio of -30.02 and a beta of 1.07. The firm has a fifty day simple moving average of C$4.93 and a 200-day simple moving average of C$4.79.

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.