NovaGold Resources (TSE:NG) Shares Up 39.2% - Here's Why

NovaGold Resources Inc. (TSE:NG - Get Free Report) shares were up 39.2% during mid-day trading on Wednesday . The company traded as high as C$6.31 and last traded at C$6.00. Approximately 1,599,408 shares changed hands during mid-day trading, an increase of 458% from the average daily volume of 286,535 shares. The stock had previously closed at C$4.31.

Analysts Set New Price Targets

Separately, National Bank Financial upgraded shares of NovaGold Resources to a "hold" rating in a research note on Friday, March 21st.

NovaGold Resources Trading Up 39.2 %

The stock has a market cap of C$1.43 billion, a price-to-earnings ratio of -31.32 and a beta of 1.07. The stock has a fifty day simple moving average of C$4.36 and a 200-day simple moving average of C$4.67.

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.

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