NexGen Energy (NYSE:NXE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded NexGen Energy from “sell” to “strong sell,” despite the broader analyst consensus remaining “Moderate Buy” with an average price target of $14.00.
• NexGen shares opened at $8.37, down 2.3%, and were trading below both their 50-day ($9.82) and 200-day ($10.41) moving averages. The stock’s 52-week range is $7.33 to $13.96.
• Institutional investors and hedge funds own 42.43% of NexGen; the company is advancing its Rook I uranium project and Arrow deposit in Saskatchewan’s Athabasca Basin.

NexGen Energy (NYSE:NXE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Saturday, Wall Street Zen reports.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. started coverage on shares of NexGen Energy in a report on Monday, September 21st. They issued an "overweight" rating and a $14.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of NexGen Energy in a research note on Thursday, September 3rd. They set a "buy" rating for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of NexGen Energy in a report on Friday, August 28th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

NexGen Energy Stock Down 2.3%

NexGen Energy stock opened at $8.37 on Friday. The company has a 50 day moving average price of $9.82 and a 200 day moving average price of $10.41. NexGen Energy has a 52 week low of $7.33 and a 52 week high of $13.96.

Hedge Funds Weigh In On NexGen Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Leonteq Securities AG lifted its stake in NexGen Energy by 88.2% in the 1st quarter. Leonteq Securities AG now owns 2,343 shares of the company's stock valued at $28,000 after acquiring an additional 1,098 shares in the last quarter. Trifecta Capital Advisors LLC bought a new position in shares of NexGen Energy during the 2nd quarter worth approximately $46,000. Integrated Wealth Concepts LLC acquired a new stake in shares of NexGen Energy in the second quarter valued at approximately $62,000. Tcfg Wealth Management LLC bought a new stake in shares of NexGen Energy in the first quarter worth $116,000. Finally, Lifetime Wealth Management P.C. acquired a new position in NexGen Energy during the second quarter worth $94,000. 42.43% of the stock is owned by institutional investors and hedge funds.

NexGen Energy Company Profile

NexGen Energy Ltd. is a mineral exploration and development company focused on uranium assets in the Athabasca Basin of Saskatchewan, Canada. The company's primary project is the Rook I property, which hosts the Arrow uranium deposit in the western Athabasca Basin.

NexGen is advancing Rook I through exploration, technical studies, permitting and development activities. Its work includes drilling, resource evaluation, environmental assessment and infrastructure planning related to the potential future production of uranium.

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