Northern Dynasty Minerals (NYSEAMERICAN:NAK) Trading 4.7% Higher – Here’s Why

Northern Dynasty Minerals Ltd. (NYSEAMERICAN:NAK) (TSE:NDM)’s stock price shot up 4.7% during trading on Friday . The stock traded as high as $1.23 and last traded at $1.22. 5,302,752 shares changed hands during mid-day trading, an increase of 103% from the average session volume of 2,611,197 shares. The stock had previously closed at $1.16.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NAK. StockNews.com began coverage on Northern Dynasty Minerals in a research report on Friday, December 27th. They set a “sell” rating for the company. Canaccord Genuity Group raised shares of Northern Dynasty Minerals to a “strong-buy” rating in a report on Thursday, January 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $1.30 target price on shares of Northern Dynasty Minerals in a research report on Tuesday, February 4th.

Northern Dynasty Minerals Stock Performance

The stock has a market capitalization of $599.90 million, a P/E ratio of -27.88 and a beta of 0.51. The firm has a 50 day simple moving average of $0.72.

Hedge Funds Weigh In On Northern Dynasty Minerals

A number of hedge funds have recently modified their holdings of the stock. Invenomic Capital Management LP lifted its position in shares of Northern Dynasty Minerals by 145.4% in the 3rd quarter. Invenomic Capital Management LP now owns 6,997,729 shares of the mining company’s stock valued at $2,320,000 after acquiring an additional 4,145,767 shares in the last quarter. Dauntless Investment Group LLC acquired a new stake in Northern Dynasty Minerals during the 4th quarter valued at $1,233,000. BNP Paribas Financial Markets lifted its holdings in shares of Northern Dynasty Minerals by 164.8% in the fourth quarter. BNP Paribas Financial Markets now owns 3,249,608 shares of the mining company’s stock valued at $1,890,000 after purchasing an additional 2,022,304 shares in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Northern Dynasty Minerals in the fourth quarter worth $218,000. Finally, Tidal Investments LLC purchased a new position in shares of Northern Dynasty Minerals during the fourth quarter valued at $143,000. 10.55% of the stock is currently owned by institutional investors and hedge funds.

Northern Dynasty Minerals Company Profile

Northern Dynasty Minerals Ltd. engages in the exploration of mineral properties in the United States. It holds a 100% interest in 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, the United States.