Renaissance Technologies LLC Buys New Stake in Northern Dynasty Minerals, Ltd. $NAK

Key Points

• Renaissance Technologies acquired 4.46 million Northern Dynasty Minerals shares worth approximately $6.24 million, representing about 0.80% of the company. Other institutional investors also initiated or increased positions, with institutions collectively owning 10.55% of the stock.
• HC Wainwright reaffirmed a Buy rating and a $2.50 price target; MarketBeat’s analyst consensus is also Buy with a $2.50 average target.
• Northern Dynasty shares opened at $1.60 after a reported 9.6% gain, while the company’s latest quarterly results showed EPS of $0.01, beating the consensus estimate of a $0.01 loss.

Renaissance Technologies LLC purchased a new stake in Northern Dynasty Minerals, Ltd. (NYSEAMERICAN:NAK - Free Report) TSE: NDM during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,460,149 shares of the mining company's stock, valued at approximately $6,244,000. Renaissance Technologies LLC owned approximately 0.80% of Northern Dynasty Minerals at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NAK. Cubist Systematic Strategies LLC acquired a new position in Northern Dynasty Minerals in the first quarter valued at approximately $25,000. Brookstone Capital Management acquired a new stake in Northern Dynasty Minerals during the fourth quarter worth approximately $26,000. Merit Financial Group LLC acquired a new stake in Northern Dynasty Minerals during the fourth quarter worth approximately $26,000. SevenBridge Financial Group LLC lifted its position in shares of Northern Dynasty Minerals by 68.2% during the 1st quarter. SevenBridge Financial Group LLC now owns 18,500 shares of the mining company's stock worth $26,000 after buying an additional 7,500 shares during the last quarter. Finally, Kovack Advisors Inc. purchased a new stake in shares of Northern Dynasty Minerals during the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 10.55% of the company's stock.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $2.50 target price on shares of Northern Dynasty Minerals in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $2.50.

Northern Dynasty Minerals Stock Up 9.6%

Shares of NYSEAMERICAN NAK opened at $1.60 on Wednesday. The stock has a market cap of $899.39 million, a PE ratio of -17.78 and a beta of 0.71. Northern Dynasty Minerals, Ltd. has a 52-week low of $0.77 and a 52-week high of $2.98. The business has a 50-day moving average price of $1.85 and a 200 day moving average price of $1.82.

Northern Dynasty Minerals (NYSEAMERICAN:NAK - Get Free Report) TSE: NDM last released its quarterly earnings results on Friday, May 15th. The mining company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. Sell-side analysts anticipate that Northern Dynasty Minerals, Ltd. will post 0.01 earnings per share for the current year.

Northern Dynasty Minerals Company Profile

Northern Dynasty Minerals Ltd. is a mineral exploration and development company headquartered in Vancouver, British Columbia, with primary operations focused on North America. The company is publicly listed on the NYSE American and the Toronto Stock Exchange under the symbol NAK. Established in 1985, Northern Dynasty has built its business around the identification, evaluation and advancement of large-scale mineral resources, leveraging its expertise in geology, engineering and environmental planning.

The company's flagship asset is the Pebble Project, located in the Bristol Bay region of southwestern Alaska.

Want to see what other hedge funds are holding NAK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Dynasty Minerals, Ltd. (NYSEAMERICAN:NAK - Free Report) TSE: NDM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source