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

Key Points

• NovaGold Resources Inc. (TSE:NG) saw a significant stock price increase of 5.5%, trading as high as C$9.52 during the session.
• Equities analysts have recently issued upgrades, including a move from "hold" to "moderate buy" by Royal Bank of Canada and a "strong-buy" rating from Citigroup.
• Insider buying was noted with Director Ethan Schutt acquiring 3,824 shares at an average price of C$7.17, indicating confidence from management in the company's prospects.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Citigroup upgraded shares of NovaGold Resources to a "strong-buy" rating in a research note on Tuesday, July 15th. 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. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy".

NovaGold Resources Trading Down 0.9%

The firm's fifty day moving average price is C$7.47 and its 200 day moving average price is C$5.81. The stock has a market capitalization of C$3.72 billion, a price-to-earnings ratio of -35.19 and a beta of 1.16.

Insider Activity at NovaGold Resources

In related news, Director Ethan Schutt acquired 3,824 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were 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.

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.