NovaGold Resources (TSE:NG) Sets New 1-Year High - Still a Buy?

Key Points

• NovaGold Resources achieved a new 52-week high, trading at C$8.94, with a closing price of C$8.98 and a volume of 192,603 shares.
• The stock has received positive analyst ratings, with Royal Bank of Canada upgrading it to a "moderate buy" and Citigroup rating it as a "strong buy."
• Insider activity showed confidence, as Director Ethan Schutt purchased 3,824 shares at an average price of C$7.17, indicating a commitment to the company's prospects.

NovaGold Resources Inc. (TSE:NG - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as C$8.94 and last traded at C$8.98, with a volume of 192603 shares traded. The stock had previously closed at C$8.40.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NG. Royal Bank Of Canada raised shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, June 4th. Citigroup raised shares of NovaGold Resources to a "strong-buy" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy".

NovaGold Resources Stock Performance

The business's 50 day moving average is C$7.32 and its 200-day moving average is C$5.74. The stock has a market cap of C$3.82 billion, a price-to-earnings ratio of -36.12 and a beta of 1.16.

Insider Activity at NovaGold Resources

In related news, Director Ethan Schutt purchased 3,824 shares of NovaGold Resources stock in a transaction dated Monday, July 28th. The shares were acquired at an average price of C$7.17 per share, for a total transaction of C$27,399.34. 26.46% of the stock is currently owned by corporate insiders.

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.