With the current price of $1.54, the stock of Northern Dynasty Minerals Ltd. (NYSE:NAK) concluded the trading session seeing its price rise by 0.11 points or at a gain of 7.69% compared to its previous day’s closing price of $1.43. About 11.34 million shares of the stock changed hands on the day. The trading volume of NAK’s shares during the past session compares with the stock’s average daily trading volume of 0.01 billion shares. On the other hand, a float of 452 million shares and a weekly performance of -3.14% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $2.51 for NAK’s share which suggests that the stock, price of which is currently buoying between $1.45 and $1.58, has a potential to gain 62.99%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $1.68 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Northern Dynasty Minerals Ltd.’s stock is trending downward as short interest in NAK shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the NAK is currently comprised of 6.4% of the float. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to shares from the previous figure of shares. Stock’s average intraday volume is now standing at shares which indicate that the days to cover the shorts are nearly.
After concluding the day’s trading, price of Northern Dynasty Minerals Ltd. (NYSE:NAK) is down -$0.05 over the week and it is -$0.2 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $2.49 that was attained on 07/22/20.
The stock has traded as low as $0.35 in past 52-week, and its current price is 340% above from that 52-week low price mark recorded on 03/18/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.06. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 46.92 as 14-days RSI of Northern Dynasty Minerals Ltd. This means that the NAK is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 11.61%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $1.5967 for the NAK’s share while placing it at a 2nd resistance point of $1.6533 to be settled at. But if the stock takes a plunge lower than the 1st support price of $1.4667 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $1.3933.
MACD oscillator is showing a reading of -0.0589 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
H.C. Wainwright started covering the NAK stock on October 19, recommending Buy rating for it while assigning the price target of $2.5. The stock gets a Buy recommendation from analysts at Gabelli & Co who started covering the stock with a target price of $3 in their December 21 note to investors.Canaccord Adamsanalysts downgraded their recommendation from Hold to Sell on April 07.
The average rating of 2.25 for NAK is placing the stock in bullish category at the moment. In a poll by Reuters including 4 analysts in it who kept tracking the Northern Dynasty Minerals Ltd., 1 rated the stock as hold. Others were in different opinions for the NAK. Out of remaining 3 analysts, 3 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that NAK stock is lagging behind earnings per share estimates with a forward price-to-earnings ratio of 0.