As aggregate interest increased, specific money managers have jumped into Northern Dynasty Minerals Ltd (USA) (NYSEAMEX:NAK) headfirst. Empyrean Capital Partners assembled the most valuable position in Northern Dynasty Minerals Ltd (USA) (NYSEAMEX:NAK). Empyrean Capital Partners had $0.7 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $0.1 million position during the quarter. The following funds were also among the new NAK investors: Ken Griffin’s Citadel Investment Group and Ken Griffin’s Citadel Investment Group.
Let’s now take a look at hedge fund activity in other stocks similar to Northern Dynasty Minerals Ltd (USA) (NYSEAMEX:NAK). We will take a look at Investors Title Company (NASDAQ:ITIC), Brookfield High Income Fund Inc (NYSE:HHY), Rosetta Stone Inc (NYSE:RST), and Planet Payment Inc (NASDAQ:PLPM). This group of stocks’ market valuations are closest to NAK’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| ITIC | 2 | 22716 | 0 |
| HHY | 3 | 3689 | 0 |
| RST | 10 | 93566 | 0 |
| PLPM | 10 | 11707 | -1 |
As you can see these stocks had an average of 6.25 hedge funds with bullish positions and the average amount invested in these stocks was $33 million. That figure was $9 million in NAK’s case. Rosetta Stone Inc (NYSE:RST) is the most popular stock in this table. On the other hand Investors Title Company (NASDAQ:ITIC) is the least popular one with only 2 bullish hedge fund positions. Northern Dynasty Minerals Ltd (USA) (NYSEAMEX:NAK) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RST might be a better candidate to consider taking a long position in.
