Northern Dynasty Minerals (NYSEAMERICAN:NAK) Shares Gap Up - Should You Buy?

Key Points

• Northern Dynasty Minerals shares opened higher at $1.00 after previously closing at $0.9466, but later traded at $0.91 on volume of roughly 1.23 million shares.
• HC Wainwright reaffirmed a “Buy” rating with a $2.50 price target; the stock’s average analyst rating is also “Buy,” though its current price remains below its 50-day and 200-day moving averages.
• Institutional ownership stands at 10.55%, with several major investors increasing or initiating positions. The company is focused on developing the Pebble copper-gold-molybdenum-rhenium project in Alaska and does not currently produce minerals.

Northern Dynasty Minerals, Ltd. (NYSEAMERICAN:NAK - Get Free Report) TSE: NDM shares gapped up before the market opened on Thursday. The stock had previously closed at $0.9466, but opened at $1.00. Northern Dynasty Minerals shares last traded at $0.91, with a volume of 1,227,994 shares changing hands.

Analyst Ratings Changes

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

Northern Dynasty Minerals Stock Down 3.9%

The company's 50 day moving average price is $1.47 and its 200 day moving average price is $1.73. The firm has a market capitalization of $511.56 million, a price-to-earnings ratio of -8.28 and a beta of 0.84.

Institutional Trading of Northern Dynasty Minerals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kopernik Global Investors LLC boosted its position in Northern Dynasty Minerals by 50.8% in the first quarter. Kopernik Global Investors LLC now owns 32,655,846 shares of the mining company's stock valued at $45,718,000 after buying an additional 10,994,668 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Northern Dynasty Minerals in the 1st quarter worth approximately $6,244,000. Swiss National Bank acquired a new position in Northern Dynasty Minerals in the 1st quarter worth approximately $1,532,000. TD Asset Management Inc raised its position in Northern Dynasty Minerals by 6.1% during the 2nd quarter. TD Asset Management Inc now owns 883,455 shares of the mining company's stock worth $1,688,000 after buying an additional 50,725 shares during the last quarter. Finally, State Street Corp raised its position in Northern Dynasty Minerals by 45.2% during the 2nd quarter. State Street Corp now owns 613,758 shares of the mining company's stock worth $1,178,000 after buying an additional 191,058 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. 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.

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