Old West Investment Management LLC Invests $19.11 Million in NexGen Energy $NXE

Key Points

• Old West Investment Management acquired 2.04 million NexGen Energy shares worth approximately $19.1 million, making NXE about 2% of its portfolio and its 13th-largest holding.
• Institutional investors own 42.43% of NexGen Energy, with major holders including L1 Capital, VanECK Associates, Vanguard and Millennium Management increasing their positions.
• NXE opened at $10.38, between its 52-week range of $6.26 to $13.96. Analyst sentiment is mixed, with a consensus rating of Hold from three Buy, one Hold and one Sell rating.

Old West Investment Management LLC bought a new stake in NexGen Energy (NYSE:NXE - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,035,633 shares of the company's stock, valued at approximately $19,115,000. NexGen Energy accounts for about 2.0% of Old West Investment Management LLC's portfolio, making the stock its 13th largest holding. Old West Investment Management LLC owned about 0.30% of NexGen Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. L1 Capital Pty Ltd increased its holdings in NexGen Energy by 9.1% in the 4th quarter. L1 Capital Pty Ltd now owns 33,642,681 shares of the company's stock valued at $309,145,000 after purchasing an additional 2,804,090 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of NexGen Energy by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,157,056 shares of the company's stock worth $268,240,000 after buying an additional 5,523,932 shares during the period. Vanguard Group Inc. grew its stake in shares of NexGen Energy by 15.5% in the fourth quarter. Vanguard Group Inc. now owns 24,657,783 shares of the company's stock valued at $226,901,000 after buying an additional 3,304,071 shares in the last quarter. Millennium Management LLC grew its stake in shares of NexGen Energy by 97.8% in the third quarter. Millennium Management LLC now owns 10,134,381 shares of the company's stock valued at $90,718,000 after buying an additional 5,011,890 shares in the last quarter. Finally, Hancock Prospecting Pty Ltd raised its holdings in shares of NexGen Energy by 10.0% during the 4th quarter. Hancock Prospecting Pty Ltd now owns 9,078,245 shares of the company's stock valued at $83,656,000 after buying an additional 828,245 shares during the period. Institutional investors and hedge funds own 42.43% of the company's stock.

NexGen Energy Stock Performance

NXE opened at $10.38 on Monday. The company has a 50-day moving average of $9.73 and a 200-day moving average of $11.15. NexGen Energy has a 1-year low of $6.26 and a 1-year high of $13.96. The company has a market capitalization of $6.95 billion, a P/E ratio of -25.95 and a beta of 1.40.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NXE shares. Wall Street Zen raised NexGen Energy from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Scotiabank reaffirmed an "outperform" rating on shares of NexGen Energy in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of NexGen Energy in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

About NexGen Energy

NexGen Energy is a Canada-based uranium exploration and development company focused on advancing its flagship Rook I project in the Athabasca Basin of northern Saskatchewan. The company's primary activities include resource delineation, feasibility studies, and permitting for its high-grade Arrow deposit, one of the largest undeveloped uranium discoveries in the region. NexGen's technical team employs advanced drilling, geophysical and geochemical techniques to expand and define its resource base, with the aim of delivering a robust, low-cost supply of uranium to global nuclear power markets.

The Rook I project sits within one of the world's most prolific uranium districts, offering excellent infrastructure access, a skilled local workforce and a supportive regulatory regime.

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