Canaccord Genuity Group Upgrades NovaGold Resources (TSE:NG) to Moderate Buy

Key Points

• Canaccord Genuity upgraded NovaGold Resources (TSE:NG) to a "moderate buy," while Scotiabank set a C$21.00 price target and an "outperform" rating; the analyst consensus remains a Strong Buy with an average target of C$18.00.
• Shares opened at C$11.35, trading in a 52‑week range of C$3.22–C$19.69, with a market cap of C$4.98 billion and a negative P/E (−45.40) after reporting C($0.05) EPS last quarter.
• Insider activity included Director Dawn Patricia Whittaker buying 4,000 shares at C$12.79, and insiders collectively hold about 26.46% of the company.

NovaGold Resources (TSE:NG - Get Free Report) was upgraded by stock analysts at Canaccord Genuity Group to a "moderate buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Separately, Scotiabank set a C$21.00 price target on NovaGold Resources and gave the company an "outperform" rating in a research note on Friday, February 6th. Three equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus price target of C$18.00.

NovaGold Resources Price Performance

Shares of NovaGold Resources stock opened at C$11.35 on Thursday. The firm has a 50 day simple moving average of C$14.27 and a 200 day simple moving average of C$13.18. NovaGold Resources has a fifty-two week low of C$3.22 and a fifty-two week high of C$19.69. The firm has a market cap of C$4.98 billion, a P/E ratio of -45.40 and a beta of 2.91.

NovaGold Resources (TSE:NG - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The company reported C($0.05) earnings per share (EPS) for the quarter.

Insider Transactions at NovaGold Resources

In other NovaGold Resources news, Director Dawn Patricia Whittaker bought 4,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was purchased at an average price of C$12.79 per share, with a total value of C$51,160.00. Following the acquisition, the director owned 4,000 shares of the company's stock, valued at approximately C$51,160. The trade was a ∞ increase in their ownership of the stock. Insiders own 26.46% of the company's stock.

About NovaGold Resources

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.