NovaGold Resources (TSE:NG) Price Target Raised to C$10.00

Key Points

• NovaGold Resources has seen its target price raised from C$7.00 to C$10.00 by analysts at National Bankshares, indicating a potential upside of 8.23% from its previous close.
• Citigroup upgraded the stock to a "strong-buy" rating, while the average rating across analysts remains a "Moderate Buy".
• Insider purchases have been noted, with Director Ethan Schutt buying nearly 3,824 shares at an average cost of C$7.17 per share.

NovaGold Resources (TSE:NG - Get Free Report) had its target price increased by analysts at National Bankshares from C$7.00 to C$10.00 in a report issued on Wednesday,BayStreet.CA reports. The firm presently has a "sector perform" rating on the stock. National Bankshares' price target would indicate a potential upside of 8.23% from the stock's previous close.

Several other brokerages have also weighed in on NG. Citigroup raised shares of NovaGold Resources to a "strong-buy" rating in a report on Tuesday, July 15th. Royal Bank Of Canada raised shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of C$10.00.

NovaGold Resources Price Performance

NG traded down C$0.12 during trading hours on Wednesday, reaching C$9.24. 584,914 shares of the stock traded hands, compared to its average volume of 435,372. The firm's fifty day simple moving average is C$7.85 and its two-hundred day simple moving average is C$5.98. The company has a market cap of C$3.76 billion, a price-to-earnings ratio of -35.54 and a beta of 1.28. NovaGold Resources has a fifty-two week low of C$3.22 and a fifty-two week high of C$9.66.

Insiders Place Their Bets

In related news, Director Ethan Schutt purchased 3,824 shares of NovaGold Resources stock in a transaction on Monday, July 28th. The stock was 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 currently owned by company insiders.

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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