NovaGold Resources (TSE:NG) Hits New 52-Week High - Here's What Happened

Key Points

• NovaGold Resources shares reached a new 52-week high of C$10.08, with the stock closing at C$9.92 and a trading volume of 353,191 shares.
• Analysts have shown optimism, with Royal Bank of Canada upgrading the stock to a "moderate buy" and National Bankshares raising their target price to C$10.00.
• Director Ethan Schutt purchased 3,824 shares at an average price of C$7.17, indicating insider confidence in the company's prospects.

Shares of NovaGold Resources Inc. (TSE:NG - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as C$10.08 and last traded at C$9.92, with a volume of 353191 shares trading hands. The stock had previously closed at C$9.82.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. National Bankshares raised their price objective on shares of 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. Royal Bank Of Canada upgraded shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, June 4th. Finally, Citigroup raised shares of NovaGold Resources to a "strong-buy" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, NovaGold Resources presently has an average rating of "Moderate Buy" and an average price target of C$10.00.

NovaGold Resources Stock Up 4.1%

The stock has a market cap of C$4.24 billion, a price-to-earnings ratio of -40.12 and a beta of 1.28. The company has a 50 day simple moving average of C$8.42 and a 200 day simple moving average of C$6.29.

Insider Buying and Selling

In other news, Director Ethan Schutt bought 3,824 shares of the company's stock in a transaction on Monday, July 28th. The stock was purchased at an average cost of C$7.17 per share, for a total transaction 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.