Northern Dynasty Minerals (NASDAQ:NAK) Shares Down 3.4% – Here’s What Happened

Shares of Northern Dynasty Minerals Ltd (NASDAQ:NAK) fell 3.4% during trading on Wednesday . The stock traded as low as $2.22 and last traded at $2.24. 3,922,206 shares traded hands during trading, a decline of 62% from the average session volume of 10,261,155 shares. The stock had previously closed at $2.32.

Wall Street Analysts Forecast Growth

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

Northern Dynasty Minerals Stock Performance

The business’s fifty day moving average is $1.93. The stock has a market capitalization of $1.24 billion, a PE ratio of -18.67 and a beta of -0.11.

Hedge Funds Weigh In On Northern Dynasty Minerals

A number of institutional investors and hedge funds have recently modified their holdings of the company. Cantor Fitzgerald L. P. increased its holdings in Northern Dynasty Minerals by 402.6% in the third quarter. Cantor Fitzgerald L. P. now owns 376,245 shares of the company’s stock valued at $451,000 after buying an additional 301,392 shares during the last quarter. Wexford Capital LP boosted its position in shares of Northern Dynasty Minerals by 423.8% during the 3rd quarter. Wexford Capital LP now owns 2,978,971 shares of the company’s stock worth $3,575,000 after acquiring an additional 2,410,269 shares in the last quarter. Pentwater Capital Management LP acquired a new position in shares of Northern Dynasty Minerals during the 3rd quarter worth about $240,000. Millennium Management LLC increased its holdings in shares of Northern Dynasty Minerals by 369.5% in the 3rd quarter. Millennium Management LLC now owns 4,406,828 shares of the company’s stock valued at $5,288,000 after acquiring an additional 3,468,174 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Northern Dynasty Minerals by 11.4% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,088,681 shares of the company’s stock valued at $17,110,000 after acquiring an additional 1,442,764 shares during the last quarter. Institutional investors and hedge funds own 10.55% of the company’s stock.

Northern Dynasty Minerals Company Profile

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.