Northern Dynasty Minerals Ltd (NYSEAMERICAN:NAK) (TSE:NDM) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 21,951,523 shares, a decline of 0.8% from the October 15th total of 22,123,205 shares. Based on an average daily volume of 619,330 shares, the short-interest ratio is currently 35.4 days.
A hedge fund recently raised its stake in Northern Dynasty Minerals stock. Russell Investments Group Ltd. increased its position in shares of Northern Dynasty Minerals Ltd (NYSEAMERICAN:NAK) (TSE:NDM) by 16.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,744,584 shares of the mining company’s stock after purchasing an additional 681,423 shares during the period. Russell Investments Group Ltd. owned about 1.52% of Northern Dynasty Minerals worth $2,639,000 at the end of the most recent reporting period.
Shares of NAK traded down $0.01 on Friday, reaching $0.66. 1,244,282 shares of the stock traded hands, compared to its average volume of 1,487,316. Northern Dynasty Minerals has a 12 month low of $0.43 and a 12 month high of $2.34.
A number of analysts have recently issued reports on NAK shares. HC Wainwright set a $3.00 price objective on Northern Dynasty Minerals and gave the company a “buy” rating in a research report on Thursday, August 16th. Zacks Investment Research cut Northern Dynasty Minerals from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st.
About Northern Dynasty Minerals
Northern Dynasty Minerals Ltd. acquires, explores for, and develops mineral properties in the United States. Its principal mineral property is the Pebble copper-gold-molybdenum project that includes 2,402 mineral claims covering approximately 417 square miles located in southwest Alaska. The company was formerly known as Northern Dynasty Explorations Ltd.
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