Royal Bank of Canada Cuts Stock Position in NexGen Energy $NXE

Key Points

• Royal Bank of Canada reduced its NexGen Energy stake by 14.6% in the first quarter, selling 905,789 shares and retaining 5.28 million shares worth approximately $61.3 million.
• Institutional ownership remains significant at 42.43%, with Millennium Management, NewEdge Advisors, Goldman Sachs and UBS among firms increasing their positions.
• Analyst sentiment is generally positive, with four Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus. NexGen shares opened at $9.16, below their 50-day and 200-day moving averages.

Royal Bank of Canada cut its position in NexGen Energy (NYSE:NXE - Free Report) by 14.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,281,117 shares of the company's stock after selling 905,789 shares during the quarter. Royal Bank of Canada owned approximately 0.80% of NexGen Energy worth $61,261,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Millennium Management LLC grew its position in shares of NexGen Energy by 15.3% in the 1st quarter. Millennium Management LLC now owns 4,101,588 shares of the company's stock worth $18,407,000 after buying an additional 543,179 shares during the last quarter. NewEdge Advisors LLC lifted its position in NexGen Energy by 7.3% during the first quarter. NewEdge Advisors LLC now owns 151,423 shares of the company's stock valued at $680,000 after acquiring an additional 10,266 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in NexGen Energy by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 2,986,982 shares of the company's stock valued at $13,412,000 after acquiring an additional 36,510 shares during the last quarter. Caxton Associates LLP acquired a new stake in NexGen Energy in the first quarter valued at approximately $165,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in NexGen Energy by 13.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 705,024 shares of the company's stock valued at $3,166,000 after acquiring an additional 81,167 shares in the last quarter. 42.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Scotiabank reaffirmed an "outperform" rating on shares of NexGen Energy in a research report on Friday, May 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of NexGen Energy in a research report on Tuesday, June 2nd. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy".

NexGen Energy Stock Down 1.8%

NXE opened at $9.16 on Friday. The company has a market cap of $6.13 billion, a P/E ratio of -18.69 and a beta of 1.39. The firm's 50-day moving average price is $9.94 and its 200-day moving average price is $11.28. NexGen Energy has a 52-week low of $6.26 and a 52-week high of $13.96.

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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