NovaGold Resources (TSE:NG) Reaches New 52-Week High - Still a Buy?

Key Points

• NovaGold Resources reached a new 52-week high of C$14.55, with recent trading at C$14.30 and a volume of 373,931 shares.
• Citigroup upgraded the stock to a "strong-buy" rating, while National Bankshares raised its target price from C$7.00 to C$10.00, resulting in a consensus target of C$10.00.
• Director Ethan Schutt purchased 3,824 shares at C$7.17 each, indicating continued insider confidence, as 26.46% of the stock is owned by insiders.

NovaGold Resources Inc. (TSE:NG - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as C$14.55 and last traded at C$14.30, with a volume of 373931 shares traded. The stock had previously closed at C$14.01.

Wall Street Analyst Weigh In

NG has been the topic of a number of research reports. Citigroup upgraded NovaGold Resources to a "strong-buy" rating in a research report on Tuesday, July 15th. National Bankshares increased their target price on NovaGold Resources from C$7.00 to C$10.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, NovaGold Resources presently has an average rating of "Moderate Buy" and a consensus target price of C$10.00.

NovaGold Resources Stock Up 1.8%

The company's 50 day moving average price is C$9.59 and its 200 day moving average price is C$6.90. The firm has a market capitalization of C$5.80 billion, a price-to-earnings ratio of -57.04 and a beta of 1.73.

Insider Activity

In other news, Director Ethan Schutt acquired 3,824 shares of the business's stock in a transaction 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. 26.46% of the stock is currently owned by company 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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