Northern Dynasty Minerals (NASDAQ:NAK) Shares Up 7% – Time to Buy?

Northern Dynasty Minerals Ltd (NASDAQ:NAK)’s stock price traded up 7% during mid-day trading on Tuesday . The stock traded as high as $2.20 and last traded at $2.15. 1,525,922 shares changed hands during trading, a decline of 87% from the average session volume of 11,764,918 shares. The stock had previously closed at $2.01.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “buy” rating and issued a $2.50 price objective on shares of Northern Dynasty Minerals in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $2.50.

Northern Dynasty Minerals Price Performance

The company has a market cap of $1.03 billion, a price-to-earnings ratio of -15.33 and a beta of 0.08. The company’s 50-day simple moving average is $2.10.

Institutional Investors Weigh In On Northern Dynasty Minerals

A number of hedge funds and other institutional investors have recently modified their holdings of NAK. Millennium Management LLC lifted its stake in shares of Northern Dynasty Minerals by 369.5% during the third quarter. Millennium Management LLC now owns 4,406,828 shares of the company’s stock valued at $5,288,000 after buying an additional 3,468,174 shares during the period. Wexford Capital LP raised its holdings in Northern Dynasty Minerals by 423.8% in the 3rd quarter. Wexford Capital LP now owns 2,978,971 shares of the company’s stock valued at $3,575,000 after acquiring an additional 2,410,269 shares during the last quarter. CenterBook Partners LP purchased a new position in shares of Northern Dynasty Minerals during the 3rd quarter worth $2,444,000. Two Sigma Investments LP boosted its holdings in shares of Northern Dynasty Minerals by 306.7% during the third quarter. Two Sigma Investments LP now owns 2,218,984 shares of the company’s stock worth $2,663,000 after purchasing an additional 1,673,333 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of Northern Dynasty Minerals in the third quarter valued at $2,011,000. 10.55% of the stock is currently owned by hedge funds and other institutional investors.

About Northern Dynasty Minerals

Northern Dynasty Minerals Ltd. engages in the exploration of mineral properties in the United States. Its principal mineral property is the Pebble Copper-Gold-Molybdenum-Silver-Rhenium project comprising 1,840 mineral claims that covers an area of approximately 274 square miles located in southwest Alaska, 17 miles from the villages of Iliamna and Newhalen, and approximately 200 miles southwest of the city of Anchorage. The company was formerly known as Northern Dynasty Explorations Ltd. and changed its name to Northern Dynasty Minerals Ltd.