NovaGold Resources (TSE:NG) Sets New 52-Week High – Here’s What Happened

Shares of NovaGold Resources Inc. (TSE:NG) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$9.60 and last traded at C$9.25, with a volume of 353075 shares trading hands. The stock had previously closed at C$9.39.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Citigroup upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Tuesday, July 15th. Royal Bank Of Canada upgraded shares of NovaGold Resources from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

NovaGold Resources Stock Down 1.7%

The company has a market capitalization of C$3.76 billion, a price-to-earnings ratio of -35.50 and a beta of 1.16. The company’s 50 day simple moving average is C$7.39 and its two-hundred day simple moving average is C$5.78.

Insider Buying and Selling

In other news, Director Ethan Schutt purchased 3,824 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The shares were bought at an average price of C$7.17 per share, for a total transaction of C$27,399.34. Corporate insiders own 26.46% of the company’s stock.

NovaGold Resources Company Profile

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.