Canaccord Genuity Group Forecasts Strong Price Appreciation for NexGen Energy (TSE:NXE) Stock

Key Points

• Canaccord Genuity Group has raised its price target for NexGen Energy's stock from C$16.00 to C$18.50, indicating a potential upside of 56.51% from its current price.
• Other analysts, including Scotiabank and National Bankshares, have also upgraded their price targets for NexGen Energy, with a consensus rating of "Buy" and an average target price of C$14.61.
• Despite the positive forecasts, NexGen Energy's stock recently traded down 6.5% to C$11.82, with significant trading volume noted.

NexGen Energy (TSE:NXE - Get Free Report) had its price objective lifted by research analysts at Canaccord Genuity Group from C$16.00 to C$18.50 in a research note issued on Friday,BayStreet.CA reports. Canaccord Genuity Group's target price would suggest a potential upside of 56.51% from the company's current price.

A number of other equities research analysts also recently issued reports on NXE. Scotiabank boosted their target price on shares of NexGen Energy from C$12.00 to C$14.00 in a report on Tuesday. National Bankshares lifted their price target on shares of NexGen Energy from C$12.00 to C$14.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Stifel Nicolaus increased their target price on NexGen Energy from C$16.00 to C$17.00 and gave the stock a "buy" rating in a research report on Friday, September 26th. Finally, TD Securities increased their target price on NexGen Energy from C$11.00 to C$12.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of C$14.61.

NexGen Energy Trading Down 6.5%

Shares of TSE NXE traded down C$0.82 on Friday, reaching C$11.82. 4,199,659 shares of the company traded hands, compared to its average volume of 1,963,056. NexGen Energy has a fifty-two week low of C$5.59 and a fifty-two week high of C$13.75. The company has a 50 day moving average of C$11.14 and a 200 day moving average of C$9.25. The company has a current ratio of 1.16, a quick ratio of 8.20 and a debt-to-equity ratio of 35.49. The stock has a market capitalization of C$7.34 billion, a PE ratio of -35.82 and a beta of 1.57.

Insider Transactions at NexGen Energy

In related news, Director Richard J. Patricio sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of C$9.40, for a total value of C$1,175,000.00. Following the completion of the sale, the director directly owned 1,269,900 shares in the company, valued at approximately C$11,937,060. This represents a 8.96% decrease in their position. Corporate insiders own 7.96% of the company's stock.

NexGen Energy Company Profile

NexGen Energy Ltd is a mineral exploration company. It is engaged in the acquisition, exploration, evaluation and development of uranium properties in Canada. The company's projects portfolio consists of ROOK I, Radio Property, and the IsoEnergy, at the Athabasca Basin. The Rook I property hosts the world-class Arrow Zone, the Bow discovery.

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