NovaGold Resources (TSE:NG) Shares Break Above Fifty Day Moving Average – Here’s Why

NovaGold Resources Inc. (TSE:NG) shares passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of C$9.62 and traded as high as C$9.85. NovaGold Resources shares last traded at C$9.71, with a volume of 716,018 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on NG. B. Riley Financial upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Monday, August 3rd. Citigroup initiated coverage on shares of NovaGold Resources in a research note on Friday. They issued a “strong-buy” rating for the company. Three investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, NovaGold Resources presently has an average rating of “Strong Buy” and an average price target of C$21.00.

NovaGold Resources Price Performance

The business’s 50 day moving average is C$9.62 and its 200 day moving average is C$11.28. The stock has a market cap of C$4.26 billion, a price-to-earnings ratio of -46.24 and a beta of 4.20.

NovaGold Resources Company Profile

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.