NovaGold Resources (TSE:NG) Reaches New 52-Week High - Should You Buy?

Key Points

• NovaGold Resources shares reached a new 52-week high of C$11.47, trading at C$11.41 with a volume of 202,290 shares.
• Analysts have recently upgraded NovaGold's rating, with Royal Bank of Canada moving from "hold" to "moderate buy" and Citigroup announcing a "strong-buy" rating.
• The company has a market capitalization of C$4.70 billion and insiders own 26.46% of the stock, indicating strong confidence from company leadership.

Shares of NovaGold Resources Inc. (TSE:NG - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as C$11.47 and last traded at C$11.41, with a volume of 202290 shares. The stock had previously closed at C$11.11.

Analyst Ratings Changes

A number of analysts recently commented on the company. 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. Finally, National Bankshares upped their price objective on NovaGold Resources from C$7.00 to C$10.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$10.00.

NovaGold Resources Trading Up 4.0%

The company has a 50-day moving average of C$8.72 and a 200-day moving average of C$6.43. The company has a market capitalization of C$4.70 billion, a price-to-earnings ratio of -44.42 and a beta of 1.28.

Insiders Place Their Bets

In other news, Director Ethan Schutt purchased 3,824 shares of the company's stock in a transaction on 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. 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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