NovaGold Resources (TSE:NG) Hits New 12-Month High - Here's Why

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)'s share price reached a new 52-week high during trading on Monday . The stock 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 Ratings Changes

Several research firms recently commented on NG. Royal Bank Of Canada upgraded NovaGold Resources from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, June 4th. Citigroup upgraded NovaGold Resources to a "strong-buy" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy".

NovaGold Resources Stock Performance

The company has a 50-day simple moving average of C$7.00 and a 200-day simple moving average of C$5.59. The stock has a market cap of C$2.14 billion, a P/E ratio of -46.88 and a beta of 1.07.

Insider Activity at NovaGold Resources

In related news, Director Ethan Schutt acquired 3,824 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was acquired at an average cost of C$7.17 per share, with a total value of C$27,399.34. Company 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.

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