Northern Dynasty Minerals (NYSEAMERICAN:NAK) Shares Down 7.3% – Here’s Why

Shares of Northern Dynasty Minerals, Ltd. (NYSEAMERICAN:NAK) (TSE:NDM) were down 7.3% during trading on Friday . The stock traded as low as $1.59 and last traded at $1.5850. 1,070,171 shares were traded during mid-day trading, a decline of 88% from the average session volume of 8,961,693 shares. The stock had previously closed at $1.71.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and set a $2.50 target price on shares of Northern Dynasty Minerals in a report on Wednesday, July 1st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Northern Dynasty Minerals presently has an average rating of “Buy” and a consensus target price of $2.50.

Northern Dynasty Minerals Trading Down 7.6%

The stock has a market cap of $888.15 million, a price-to-earnings ratio of -17.56 and a beta of 0.67. The firm has a fifty day simple moving average of $1.93 and a 200 day simple moving average of $1.85.

Northern Dynasty Minerals (NYSEAMERICAN:NAK) (TSE:NDM) last released its quarterly earnings data on Friday, May 15th. The mining company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. On average, equities analysts expect that Northern Dynasty Minerals, Ltd. will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Northern Dynasty Minerals

A number of hedge funds have recently made changes to their positions in NAK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Northern Dynasty Minerals during the 2nd quarter worth about $17,117,000. Kopernik Global Investors LLC increased its stake 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 acquiring an additional 10,994,668 shares during the period. Millennium Management LLC raised its position in Northern Dynasty Minerals by 203.3% in the fourth quarter. Millennium Management LLC now owns 13,364,357 shares of the mining company’s stock worth $26,318,000 after purchasing an additional 8,957,529 shares in the last quarter. Bornite Capital Management LP acquired a new position in Northern Dynasty Minerals in the fourth quarter worth about $10,608,000. Finally, Renaissance Technologies LLC bought a new position in Northern Dynasty Minerals during the first quarter worth about $6,244,000. Institutional investors and hedge funds own 10.55% of the company’s stock.

About Northern Dynasty Minerals

Northern Dynasty Minerals Ltd. is a mineral exploration and development company headquartered in Vancouver, British Columbia, with primary operations focused on North America. The company is publicly listed on the NYSE American and the Toronto Stock Exchange under the symbol NAK. Established in 1985, Northern Dynasty has built its business around the identification, evaluation and advancement of large-scale mineral resources, leveraging its expertise in geology, engineering and environmental planning.

The company’s flagship asset is the Pebble Project, located in the Bristol Bay region of southwestern Alaska.