NovaGold Resources (TSE:NG) Trading Up 24% - What's Next?

Shares of NovaGold Resources Inc. (TSE:NG - Get Free Report) were up 24% on Wednesday . The company traded as high as C$6.53 and last traded at C$6.41. Approximately 1,907,457 shares were traded during trading, an increase of 384% from the average daily volume of 394,140 shares. The stock had previously closed at C$5.17.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Royal Bank of Canada upgraded shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a research report on Wednesday. National Bank Financial raised NovaGold Resources to a "hold" rating in a report on Friday, March 21st.

NovaGold Resources Price Performance

The stock's 50-day moving average is C$4.93 and its 200 day moving average is C$4.79. The stock has a market cap of C$1.37 billion, a price-to-earnings ratio of -30.02 and a beta of 1.07.

NovaGold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.