Namib Minerals (NASDAQ:NAMM) Stock Price Up 5.3% – Still a Buy?

Shares of Namib Minerals (NASDAQ:NAMM) traded up 5.3% during mid-day trading on Wednesday . The stock traded as high as $2.44 and last traded at $2.40. 709,488 shares traded hands during trading, a decline of 40% from the average session volume of 1,179,166 shares. The stock had previously closed at $2.28.

Analysts Set New Price Targets

A number of research firms have commented on NAMM. Zacks Research raised shares of Namib Minerals from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Wall Street Zen raised shares of Namib Minerals from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Namib Minerals in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.

Namib Minerals Stock Performance

The stock has a 50 day moving average of $3.03 and a 200 day moving average of $2.34. The stock has a market capitalization of $128.83 million, a P/E ratio of -1.89 and a beta of -0.02.

Hedge Funds Weigh In On Namib Minerals

Several institutional investors have recently modified their holdings of the company. Millennium Management LLC acquired a new stake in shares of Namib Minerals in the 3rd quarter worth about $63,000. Polar Asset Management Partners Inc. boosted its stake in Namib Minerals by 14.8% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 1,346,001 shares of the company’s stock valued at $4,428,000 after purchasing an additional 173,899 shares during the period. Finally, Lineage Point Capital LP bought a new position in Namib Minerals in the 4th quarter worth about $130,000. Institutional investors own 59.54% of the company’s stock.

About Namib Minerals

Namib Minerals Ltd, traded on the Nasdaq under the symbol NAMM, is a mineral exploration and development company focused on identifying and advancing critical mineral deposits in Namibia. The company’s primary business activities include geological surveying, core drilling programs and resource estimation to define lithium, tantalum and other battery-grade mineral targets. Namib Minerals aims to leverage Namibia’s stable mining jurisdiction to develop projects that support the growing demand for high-purity minerals in the global electric vehicle and energy storage markets.

Headquartered in Windhoek, Namibia, the company’s exploration portfolio lies within recognized mineral belts known for lithium and associated rare elements.