Appian Way Asset Management LP Sells 454,208 Shares of NexGen Energy $NXE

Key Points

• Appian Way Asset Management LP significantly reduced its holdings in NexGen Energy by 97.6% in Q1, now owning only 11,374 shares valued at $51,000, impacting its portfolio composition.
• Other institutional investors, like Bank of America and Envestnet Asset Management, increased their stakes, indicating varying confidence levels in NexGen Energy.
• NexGen Energy is currently trading at $7.88, with a market capitalization of $4.50 billion, and has received a general consensus rating of "Buy" from analysts, despite posting a quarterly loss.

Appian Way Asset Management LP lowered its holdings in NexGen Energy (NYSE:NXE - Free Report) by 97.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,374 shares of the company's stock after selling 454,208 shares during the period. NexGen Energy comprises 0.0% of Appian Way Asset Management LP's holdings, making the stock its 27th biggest holding. Appian Way Asset Management LP's holdings in NexGen Energy were worth $51,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Invesco Ltd. grew its stake in shares of NexGen Energy by 6.7% in the 4th quarter. Invesco Ltd. now owns 26,399 shares of the company's stock worth $174,000 after purchasing an additional 1,656 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of NexGen Energy by 10.4% in the first quarter. Hsbc Holdings PLC now owns 20,675 shares of the company's stock worth $93,000 after acquiring an additional 1,946 shares in the last quarter. Rathbones Group PLC increased its position in shares of NexGen Energy by 6.8% in the first quarter. Rathbones Group PLC now owns 33,131 shares of the company's stock worth $149,000 after acquiring an additional 2,100 shares in the last quarter. Cetera Investment Advisers grew its position in NexGen Energy by 2.6% during the fourth quarter. Cetera Investment Advisers now owns 104,611 shares of the company's stock valued at $690,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in NexGen Energy by 1.3% during the first quarter. Mackenzie Financial Corp now owns 233,457 shares of the company's stock valued at $1,046,000 after purchasing an additional 2,933 shares in the last quarter. Institutional investors and hedge funds own 42.43% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on NXE shares. TD Securities reaffirmed a "buy" rating on shares of NexGen Energy in a research report on Friday, August 8th. Desjardins began coverage on shares of NexGen Energy in a research note on Tuesday, June 10th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy".

NexGen Energy Trading Up 2.2%

NYSE:NXE traded up $0.17 during trading hours on Friday, hitting $7.77. 8,561,419 shares of the company traded hands, compared to its average volume of 6,711,381. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of -31.06 and a beta of 1.47. NexGen Energy has a twelve month low of $3.91 and a twelve month high of $8.96. The firm has a 50-day moving average of $6.99 and a 200 day moving average of $5.96.

NexGen Energy (NYSE:NXE - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.08). Equities research analysts predict that NexGen Energy will post -0.05 earnings per share for the current fiscal year.

NexGen Energy Company Profile

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.