Northern Dynasty Minerals (NASDAQ:NAK) Stock Price Up 9.9% – Here’s What Happened

Northern Dynasty Minerals Ltd (NASDAQ:NAK) shares were up 9.9% during trading on Tuesday . The company traded as high as $1.73 and last traded at $1.7150. Approximately 4,912,370 shares changed hands during trading, a decline of 54% from the average daily volume of 10,572,625 shares. The stock had previously closed at $1.56.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and set a $2.50 price objective on shares of Northern Dynasty Minerals in a research report on Tuesday, October 7th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $2.50.

Northern Dynasty Minerals Stock Up 5.9%

The stock has a market capitalization of $994.47 million, a P/E ratio of -15.00 and a beta of -0.60.

Institutional Investors Weigh In On Northern Dynasty Minerals

A number of large investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position 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 worth $5,288,000 after purchasing an additional 3,468,174 shares during the last quarter. Wexford Capital LP boosted its stake in Northern Dynasty Minerals by 423.8% in the third 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 period. CenterBook Partners LP acquired a new position in Northern Dynasty Minerals during the 3rd quarter valued at approximately $2,444,000. Two Sigma Investments LP increased its holdings in shares of Northern Dynasty Minerals by 306.7% in the 3rd quarter. Two Sigma Investments LP now owns 2,218,984 shares of the company’s stock worth $2,663,000 after acquiring an additional 1,673,333 shares during the period. Finally, Mackenzie Financial Corp bought a new position in Northern Dynasty Minerals in the 3rd quarter worth approximately $2,011,000. 10.55% of the stock is owned by institutional investors and hedge funds.

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.