Namib Minerals (NASDAQ:NAMM) Shares Up 7% – Here’s What Happened

Namib Minerals (NASDAQ:NAMM)’s share price shot up 7% on Thursday . The company traded as high as $2.02 and last traded at $2.00. 754,815 shares were traded during mid-day trading, a decline of 73% from the average session volume of 2,760,049 shares. The stock had previously closed at $1.87.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Namib Minerals from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Namib Minerals Stock Up 7.0%

The company has a market cap of $108.16 million, a PE ratio of -1.57 and a beta of -0.02. The business has a 50-day simple moving average of $1.90 and a 200-day simple moving average of $2.10.

Institutional Trading of Namib Minerals

Several hedge funds have recently modified their holdings of the stock. State of Wyoming acquired a new stake in shares of Namib Minerals in the first quarter valued at $31,000. Lineage Point Capital LP acquired a new position in Namib Minerals in the fourth quarter valued at $130,000. Polar Asset Management Partners Inc. boosted its stake in Namib Minerals by 14.8% in the third quarter. Polar Asset Management Partners Inc. now owns 1,346,001 shares of the company’s stock valued at $4,428,000 after acquiring an additional 173,899 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in Namib Minerals in the third quarter valued at $63,000. 59.54% of the stock is currently owned by institutional investors and hedge funds.

About Namib Minerals

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.