Nebius Group (NASDAQ:NBIS) Shares Up 2.8% - Here's What Happened

Nebius Group N.V. (NASDAQ:NBIS - Get Free Report) shares were up 2.8% during trading on Tuesday . The stock traded as high as $54.12 and last traded at $53.42. Approximately 7,400,270 shares traded hands during trading, a decline of 34% from the average daily volume of 11,274,842 shares. The stock had previously closed at $51.95.

Wall Street Analyst Weigh In

Several analysts have commented on NBIS shares. Arete Research raised Nebius Group to a "strong-buy" rating in a research note on Thursday, June 5th. Northland Securities set a $47.00 target price on Nebius Group and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. The Goldman Sachs Group began coverage on Nebius Group in a research report on Monday. They set a "buy" rating and a $68.00 target price on the stock. BWS Financial boosted their target price on Nebius Group from $60.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Northland Capmk upgraded Nebius Group to a "strong-buy" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $66.80.

Nebius Group Trading Down 0.4%

The stock has a market cap of $12.57 billion, a PE ratio of -93.53 and a beta of 3.25. The business has a 50 day moving average of $44.41 and a 200-day moving average of $34.79.

Nebius Group (NASDAQ:NBIS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 20th. The company reported ($0.48) earnings per share for the quarter. The business had revenue of $55.30 million during the quarter. The company's quarterly revenue was up 385 on a year-over-year basis. During the same quarter last year, the firm posted ($0.25) EPS. On average, equities research analysts anticipate that Nebius Group N.V. will post -1.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NBIS. Orbis Allan Gray Ltd purchased a new position in Nebius Group in the first quarter valued at about $331,474,000. Accel Leaders 4 Associates L.P. purchased a new position in Nebius Group in the first quarter valued at about $96,704,000. Invesco Ltd. purchased a new position in Nebius Group in the first quarter valued at about $73,782,000. Fred Alger Management LLC purchased a new position in Nebius Group in the first quarter valued at about $67,431,000. Finally, Greenwoods Asset Management Hong Kong Ltd. purchased a new position in Nebius Group in the first quarter valued at about $46,822,000. 21.90% of the stock is owned by hedge funds and other institutional investors.

About Nebius Group

Nebius Group N.V., a technology company, builds intelligent products and services powered by machine learning and other technologies to help consumers and businesses navigate the online and offline world. The company's services include Nebius AI, an AI-centric cloud platform that offers infrastructure and computing capability for AI deployment and machine-learning oriented solutions; and Toloka AI that offers generative AI (GenAI) solutions at every stage of the GenAI lifecycle, such as data annotation and generation, model training and fine-tuning, and quality assessment of large language model for accuracy and reliability.