NovaGold Resources (TSE:NG) Hits New 52-Week High - Time to Buy?

Key Points

• NovaGold Resources shares reached a new 52-week high at C$15.30, closing at C$14.87 with a trading volume of over 1.1 million shares.
• Analysts have given the stock a consensus target price of C$10.00, with ratings including a "strong-buy" from Citigroup and a "sector perform" from National Bankshares.
• The company is known for its Donlin Gold project in Alaska, holding a 50% stake in the exploration and development of this mineral property.

NovaGold Resources Inc. (TSE:NG - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as C$15.30 and last traded at C$14.87, with a volume of 1106780 shares trading hands. The stock had previously closed at C$13.61.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. National Bankshares raised their target price on shares of NovaGold Resources from C$7.00 to C$10.00 and gave the company a "sector perform" rating in a research note on Wednesday, September 10th. Citigroup upgraded shares of NovaGold Resources to a "strong-buy" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, NovaGold Resources has an average rating of "Moderate Buy" and a consensus target price of C$10.00.

NovaGold Resources Stock Performance

The firm's 50 day moving average is C$10.23 and its 200-day moving average is C$7.22. The company has a market cap of C$6.09 billion, a PE ratio of -59.88 and a beta of 1.73.

Insider Transactions at NovaGold Resources

In related news, Director Ethan Schutt purchased 3,824 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were purchased at an average cost of C$7.17 per share, with a total value of C$27,399.34. 26.46% of the stock is 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.

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