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

Key Points

• NovaGold Resources shares reached a new 52-week high of C$8.40, reflecting a trading price of C$8.28 at the close with a volume of 44,499 shares.
• Analysts have positively revised their ratings, with Citigroup upgrading NovaGold to a "strong-buy" and RBC increasing their rating from "hold" to "moderate buy".
• Director Ethan Schutt purchased 3,824 shares at an average cost of C$7.17, indicating insider confidence in the company's prospects.

NovaGold Resources Inc. (TSE:NG - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$8.40 and last traded at C$8.28, with a volume of 44499 shares traded. The stock had previously closed at C$8.31.

Analyst Ratings Changes

NG has been the subject of a number of recent research reports. Citigroup upgraded shares of NovaGold Resources to a "strong-buy" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada upgraded shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, NovaGold Resources currently has a consensus rating of "Buy".

NovaGold Resources Stock Performance

The business has a 50 day moving average of C$7.00 and a two-hundred day moving average of C$5.59. The stock has a market capitalization of C$2.00 billion, a PE ratio of -43.85 and a beta of 1.07.

Insider Buying and Selling

In other NovaGold Resources news, Director Ethan Schutt purchased 3,824 shares of NovaGold Resources stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average price of C$7.17 per share, with a total value of C$27,399.34. Corporate insiders own 26.46% of the company's stock.

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.