NovaGold Resources (TSE:NG) Sets New 1-Year High on Analyst Upgrade

Key Points

• NovaGold Resources reached a new 52-week high after National Bankshares raised its price target from C$7.00 to C$10.00, leading to a trading peak of C$9.66.
• The stock has received a "strong-buy" rating from Citigroup and a "moderate buy" upgrade from Royal Bank Of Canada, contributing to a consensus rating of "Moderate Buy."
• Director Ethan Schutt bought 3,824 shares at C$7.17 each, with corporate insiders owning 26.46% of the company’s stock.

NovaGold Resources Inc. (TSE:NG - Get Free Report) hit a new 52-week high on Wednesday after National Bankshares raised their price target on the stock from C$7.00 to C$10.00. National Bankshares currently has a sector perform rating on the stock. NovaGold Resources traded as high as C$9.66 and last traded at C$9.29, with a volume of 500594 shares changing hands. The stock had previously closed at C$9.36.

A number of other equities analysts have also commented on the company. Citigroup raised NovaGold Resources to a "strong-buy" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada upgraded NovaGold Resources from a "hold" rating to a "moderate buy" rating in a report on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, NovaGold Resources has a consensus rating of "Moderate Buy" and a consensus price target of C$10.00.

Insider Buying and Selling at NovaGold Resources

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 cost of C$7.17 per share, for a total transaction of C$27,399.34. 26.46% of the stock is currently owned by corporate insiders.

NovaGold Resources Stock Performance

The stock has a market capitalization of C$3.74 billion, a price-to-earnings ratio of -35.31 and a beta of 1.28. The company has a 50 day moving average of C$7.85 and a 200 day moving average of C$5.98.

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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