NovaGold Resources (TSE:NG) Stock Price Up 5.7%

NovaGold Resources Inc. (TSE:NG) shares rose 5.7% during mid-day trading on Wednesday . The stock traded as high as C$6.65 and last traded at C$6.65. Approximately 85,822 shares were traded during trading, a decline of 65% from the average daily volume of 243,933 shares. The stock had previously closed at C$6.29.

Wall Street Analyst Weigh In

NG has been the subject of several analyst reports. National Bankshares downgraded shares of NovaGold Resources from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from C$6.50 to C$7.00 in a report on Thursday. National Bank Financial downgraded shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday.

NovaGold Resources Price Performance

The firm’s fifty day moving average price is C$5.17 and its 200-day moving average price is C$4.34. The company has a market cap of C$2.10 billion, a price-to-earnings ratio of -33.05 and a beta of 0.88.

NovaGold Resources (TSE:NG) last issued its quarterly earnings data on Wednesday, June 26th. The company reported C($0.06) earnings per share for the quarter.

About NovaGold Resources

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.