NovaGold Resources (TSE:NG) Trading 24% Higher - Here's What Happened

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 traded hands during trading, an increase of 384% from the average daily volume of 394,140 shares. The stock had previously closed at C$5.17.

Analysts Set New Price Targets

NG has been the topic of several research reports. National Bank Financial upgraded shares of NovaGold Resources to a "hold" rating in a report on Friday, March 21st. Royal Bank of Canada raised shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a research report on Wednesday.

NovaGold Resources Price Performance

The company has a market cap of C$1.37 billion, a P/E ratio of -30.07 and a beta of 1.07. The stock has a fifty day moving average price of C$4.90 and a two-hundred day moving average price of C$4.79.

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.