Northern Dynasty Minerals (NASDAQ:NAK) Stock Price Up 7% – Here’s Why

Shares of Northern Dynasty Minerals Ltd (NASDAQ:NAK) rose 7% on Tuesday . The company traded as high as $2.20 and last traded at $2.15. Approximately 1,525,922 shares were traded during trading, a decline of 87% from the average daily volume of 11,764,918 shares. The stock had previously closed at $2.01.

Analysts Set New Price Targets

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

Northern Dynasty Minerals Price Performance

The company has a market cap of $1.19 billion, a price-to-earnings ratio of -17.75 and a beta of -0.06. The business has a 50 day moving average price of $2.08.

Hedge Funds Weigh In On Northern Dynasty Minerals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PFG Investments LLC lifted its stake in Northern Dynasty Minerals by 91.6% in the third quarter. PFG Investments LLC now owns 21,081 shares of the company’s stock worth $25,000 after acquiring an additional 10,081 shares during the period. Investment Planning Advisors Inc. bought a new position in shares of Northern Dynasty Minerals during the fourth quarter valued at approximately $26,000. Brookstone Capital Management purchased a new position in Northern Dynasty Minerals during the fourth quarter valued at approximately $26,000. Merit Financial Group LLC bought a new position in Northern Dynasty Minerals in the fourth quarter worth approximately $26,000. Finally, Advance Capital Management Inc. purchased a new position in shares of Northern Dynasty Minerals in the 3rd quarter valued at $27,000. Institutional investors own 10.55% of the company’s stock.

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.