Northern Dynasty Minerals (NYSEAMERICAN:NAK) Sees Strong Trading Volume – Time to Buy?

Shares of Northern Dynasty Minerals Ltd. (NYSEAMERICAN:NAK) (TSE:NDM) saw unusually-strong trading volume on Wednesday . Approximately 4,420,676 shares traded hands during mid-day trading, an increase of 75% from the previous session’s volume of 2,530,425 shares.The stock last traded at $1.19 and had previously closed at $1.19.

Analysts Set New Price Targets

NAK has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $1.30 price objective on shares of Northern Dynasty Minerals in a research note on Tuesday, February 4th. Canaccord Genuity Group upgraded Northern Dynasty Minerals to a “strong-buy” rating in a research report on Thursday, January 2nd. Finally, StockNews.com initiated coverage on Northern Dynasty Minerals in a research note on Friday, December 27th. They issued a “sell” rating for the company.

Northern Dynasty Minerals Price Performance

The business has a 50 day moving average of $0.70. The stock has a market capitalization of $599.90 million, a price-to-earnings ratio of -27.88 and a beta of 0.51.

Hedge Funds Weigh In On Northern Dynasty Minerals

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its position in Northern Dynasty Minerals by 673.8% in the third quarter. BNP Paribas Financial Markets now owns 1,227,304 shares of the mining company’s stock worth $407,000 after purchasing an additional 1,068,704 shares during the last quarter. Invenomic Capital Management LP raised its stake in shares of Northern Dynasty Minerals by 145.4% during the 3rd quarter. Invenomic Capital Management LP now owns 6,997,729 shares of the mining company’s stock valued at $2,320,000 after purchasing an additional 4,145,767 shares during the period. Stifel Financial Corp lifted its holdings in shares of Northern Dynasty Minerals by 71.8% in the third quarter. Stifel Financial Corp now owns 94,500 shares of the mining company’s stock worth $31,000 after buying an additional 39,500 shares in the last quarter. XTX Topco Ltd boosted its holdings in Northern Dynasty Minerals by 104.4% in the 3rd quarter. XTX Topco Ltd now owns 102,500 shares of the mining company’s stock valued at $34,000 after purchasing an additional 52,346 shares during the period. Finally, Virtu Financial LLC bought a new position in Northern Dynasty Minerals in the 3rd quarter worth about $60,000. Institutional investors and hedge funds own 10.55% of the company’s stock.

About Northern Dynasty Minerals

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.