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

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. National Bank Financial upgraded shares of NovaGold Resources to a "hold" rating in a report on Friday, March 21st. Royal Bank of Canada upgraded shares of NovaGold Resources from a "hold" rating to a "moderate buy" rating in a report on Wednesday.

NovaGold Resources Stock Performance

The business's fifty day moving average price is C$4.86 and its two-hundred day moving average price is C$4.78. The stock has a market capitalization of C$1.44 billion, a P/E ratio of -31.58 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.