Novagold (NG) is a Great Momentum Stock: Should You Buy?

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1][2]. Company Overview: Novagold (NG) - Novagold currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for outperformance in the market [3][4]. - The stock has shown significant price appreciation, with a 10.23% increase over the past week, compared to a 3.29% rise in the Zacks Mining - Gold industry [6]. - Over the last month, Novagold's shares have surged by 47.78%, outperforming the industry's 14.03% increase [6]. - In the longer term, Novagold's shares have risen 108.13% over the past three months and 190.41% over the past year, while the S&P 500 has only increased by 7.36% and 19.22%, respectively [7]. Trading Volume - The average 20-day trading volume for Novagold is 4,724,004 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - Recent earnings estimate revisions have been positive, with one estimate moving higher for the full year, raising the consensus estimate from -$0.12 to -$0.11 over the past 60 days [10]. - For the next fiscal year, one estimate has also increased, with no downward revisions noted during the same period [10]. Conclusion - Given the strong momentum indicators and positive earnings outlook, Novagold is positioned as a promising investment opportunity, meriting attention from investors seeking short-term gains [11].