Namib Minerals (NASDAQ:NAMM) Sees Significant Decline in Short Interest

Key Points

• Short interest in Namib Minerals fell 15.2% to 899,545 shares as of March 31, equal to about 2.4% of shares sold short and a days-to-cover ratio of 1.2, suggesting eased short pressure.
• Analysts carry an average "Reduce" rating (one Hold, one Sell); Wall Street Zen and Zacks recently moved their ratings up to Hold while Weiss Ratings maintained a "sell (d-)".
• Institutional investors hold roughly 59.54% of the stock — Polar Asset increased its stake to 1,346,001 shares (up 14.8%) — and the stock trades near $2.12 with a market cap around $114.7 million.

Namib Minerals (NASDAQ:NAMM - Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 899,545 shares, a decrease of 15.2% from the March 15th total of 1,060,244 shares. Based on an average trading volume of 735,435 shares, the days-to-cover ratio is currently 1.2 days. Approximately 2.4% of the company's shares are sold short.

Analyst Ratings Changes

NAMM has been the subject of several recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Namib Minerals in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Namib Minerals from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Finally, Zacks Research upgraded shares of Namib Minerals from a "strong sell" rating to a "hold" rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce".

Namib Minerals Stock Up 1.4%

NASDAQ NAMM traded up $0.03 on Friday, hitting $2.12. The company's stock had a trading volume of 837,502 shares, compared to its average volume of 8,290,200. Namib Minerals has a 1-year low of $0.91 and a 1-year high of $55.00. The company's 50-day moving average is $2.67 and its 200 day moving average is $2.24. The firm has a market cap of $114.66 million, a PE ratio of -1.67 and a beta of 0.21.

Institutional Investors Weigh In On Namib Minerals

Large investors have recently modified their holdings of the company. Millennium Management LLC acquired a new stake in shares of Namib Minerals during the third quarter worth $63,000. Lineage Point Capital LP acquired a new stake in shares of Namib Minerals during the fourth quarter worth $130,000. Finally, Polar Asset Management Partners Inc. increased its position in shares of Namib Minerals by 14.8% during the third quarter. Polar Asset Management Partners Inc. now owns 1,346,001 shares of the company's stock worth $4,428,000 after buying an additional 173,899 shares during the period. 59.54% of the stock is currently owned by institutional investors and hedge funds.

Namib Minerals Company Profile

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.

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.