Northern Dynasty Minerals (NYSEAMERICAN:NAK) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Northern Dynasty Minerals stock price has surpassed its 200-day moving average, trading as high as $1.25, indicative of potential upward momentum.
• HC Wainwright has raised its price target for the stock from $1.30 to $2.50, and the consensus rating among analysts is a Strong Buy.
• Recent institutional investments have increased, with several hedge funds acquiring new stakes, suggesting growing interest and confidence in the company.

Northern Dynasty Minerals, Ltd. (NYSEAMERICAN:NAK - Get Free Report) TSE: NDM's stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.08 and traded as high as $1.25. Northern Dynasty Minerals shares last traded at $1.25, with a volume of 15,782,908 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright boosted their price objective on shares of Northern Dynasty Minerals from $1.30 to $2.50 and gave the company a "buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, Northern Dynasty Minerals has a consensus rating of "Strong Buy" and a consensus target price of $2.50.

Northern Dynasty Minerals Trading Up 9.6%

The business's fifty day simple moving average is $0.88 and its two-hundred day simple moving average is $1.08. The stock has a market capitalization of $689.69 million, a P/E ratio of -11.36 and a beta of -0.61.

Hedge Funds Weigh In On Northern Dynasty Minerals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Northern Dynasty Minerals by 37.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 18,320 shares of the mining company's stock valued at $26,000 after purchasing an additional 5,000 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Northern Dynasty Minerals in the 1st quarter valued at about $25,000. Raymond James Financial Inc. acquired a new stake in shares of Northern Dynasty Minerals during the 2nd quarter worth approximately $31,000. Allworth Financial LP acquired a new stake in shares of Northern Dynasty Minerals during the 1st quarter worth approximately $28,000. Finally, Allium Financial Advisors LLC acquired a new stake in shares of Northern Dynasty Minerals during the 1st quarter worth approximately $29,000. 10.55% of the stock is owned by institutional investors.

Northern Dynasty Minerals Company Profile

Northern Dynasty Minerals Ltd. engages in the exploration of mineral properties in the United States. It holds a 100% interest in 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, the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.