Northern Dynasty Minerals (NYSEAMERICAN:NAK) Shares Down 5.2% – What’s Next?

Northern Dynasty Minerals, Ltd. (NYSEAMERICAN:NAK) (TSE:NDM) was down 5.2% on Tuesday. The company traded as low as $1.0001 and last traded at $1.0050. Approximately 1,850,367 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 7,544,427 shares. The stock had previously closed at $1.06.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $2.50 price target on shares of Northern Dynasty Minerals in a research note on Wednesday, July 1st. One analyst has rated the stock with a Buy rating. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $2.50.

Northern Dynasty Minerals Price Performance

The company’s 50-day moving average is $1.50 and its two-hundred day moving average is $1.74. The firm has a market cap of $570.58 million, a P/E ratio of -9.23 and a beta of 0.84.

Hedge Funds Weigh In On Northern Dynasty Minerals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kopernik Global Investors LLC boosted its position in shares of Northern Dynasty Minerals by 50.8% during the 1st quarter. Kopernik Global Investors LLC now owns 32,655,846 shares of the mining company’s stock worth $45,718,000 after acquiring an additional 10,994,668 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Northern Dynasty Minerals during the first quarter valued at approximately $6,244,000. TD Asset Management Inc lifted its stake in Northern Dynasty Minerals by 6.1% during the second quarter. TD Asset Management Inc now owns 883,455 shares of the mining company’s stock worth $1,688,000 after purchasing an additional 50,725 shares during the last quarter. Swiss National Bank bought a new stake in Northern Dynasty Minerals during the first quarter worth $1,532,000. Finally, State Street Corp lifted its stake in Northern Dynasty Minerals by 45.2% during the second quarter. State Street Corp now owns 613,758 shares of the mining company’s stock worth $1,178,000 after purchasing an additional 191,058 shares during the last quarter. 10.55% of the stock is currently owned by institutional investors and hedge funds.

About Northern Dynasty Minerals

Northern Dynasty Minerals Ltd. is a Canadian mineral exploration and development company focused on advancing the Pebble Project in southwestern Alaska. The company’s principal asset is the Pebble copper-gold-molybdenum-rhenium deposit, a large undeveloped mineral resource located in the Bristol Bay region.

Northern Dynasty holds its interest in the Pebble Project through its wholly owned subsidiary, Pebble Mines Corp. The project is intended to be evaluated and developed as a potential large-scale mining operation, although Northern Dynasty is an exploration and development company and does not currently produce or sell minerals.

Founded in 1983 and headquartered in Vancouver, British Columbia, Northern Dynasty has concentrated its activities primarily in Alaska.