NovaGold Resources (TSE:NG) Shares Up 5.5% - Time to Buy?

Key Points

• NovaGold Resources Inc. shares increased by 5.5% to C$9.39, with trading volume up 23% compared to the average.
• Analysts have upgraded the stock's rating, with Citigroup giving it a "strong-buy" and Royal Bank of Canada moving it to "moderate buy."
• Insider trading activity included Director Ethan Schutt purchasing 3,824 shares at an average price of C$7.17, indicating confidence in the company's future.

NovaGold Resources Inc. (TSE:NG - Get Free Report)'s share price rose 5.5% on Friday . The stock traded as high as C$9.52 and last traded at C$9.39. Approximately 526,882 shares were traded during trading, an increase of 23% from the average daily volume of 427,452 shares. The stock had previously closed at C$8.90.

Analyst Upgrades and Downgrades

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

NovaGold Resources Stock Up 0.8%

The stock has a market capitalization of C$3.80 billion, a PE ratio of -35.88 and a beta of 1.16. The stock's 50 day moving average price is C$7.63 and its 200-day moving average price is C$5.86.

Insider Buying and Selling

In other NovaGold Resources news, Director Ethan Schutt acquired 3,824 shares of the stock in a transaction dated Monday, July 28th. The shares were acquired 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.

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.