NexGen Energy (NYSE:NXE) Shares Down 3.8% – Here’s Why

NexGen Energy Ltd. (NYSE:NXE)’s share price was down 3.8% during mid-day trading on Monday . The company traded as low as $8.52 and last traded at $8.54. Approximately 1,502,441 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 5,816,204 shares. The stock had previously closed at $8.88.

Wall Street Analyst Weigh In

Separately, National Bank Financial upgraded shares of NexGen Energy to a “strong-buy” rating in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus target price of $11.00.

NexGen Energy Price Performance

The company has a 50 day moving average of $7.37 and a 200-day moving average of $6.88. The company has a market cap of $4.69 billion, a P/E ratio of 55.37 and a beta of 1.90.

NexGen Energy (NYSE:NXE) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). During the same quarter in the previous year, the company posted ($0.04) earnings per share. Research analysts anticipate that NexGen Energy Ltd. will post -0.05 EPS for the current year.

Hedge Funds Weigh In On NexGen Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC bought a new stake in shares of NexGen Energy during the 2nd quarter worth $33,000. DekaBank Deutsche Girozentrale purchased a new stake in NexGen Energy during the third quarter valued at about $76,000. SevenBridge Financial Group LLC bought a new stake in NexGen Energy during the third quarter worth about $87,000. New Harbor Financial Group LLC boosted its holdings in shares of NexGen Energy by 20.0% in the 3rd quarter. New Harbor Financial Group LLC now owns 15,000 shares of the company’s stock worth $98,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of NexGen Energy during the 3rd quarter valued at about $98,000. Hedge funds and other institutional investors own 42.43% of the company’s stock.

About NexGen Energy

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.