Nexa Resources (NYSE:NEXA) Sees Strong Trading Volume - Here's Why

Key Points

• Nexa Resources saw a significant increase in trading volume, with 66,671 shares traded, marking a 119% rise from the previous session.
• Analysts have issued mixed ratings, with Morgan Stanley and Scotiabank downgrading their price targets, while Nexa's average target price stands at $5.67.
• The company's quarterly earnings surpassed expectations, reporting $0.11 EPS and revenue of $708.42 million, outperforming analysts' estimates.

Shares of Nexa Resources S.A. (NYSE:NEXA - Get Free Report) saw an uptick in trading volume on Wednesday . 66,671 shares were traded during mid-day trading, an increase of 119% from the previous session's volume of 30,487 shares.The stock last traded at $5.06 and had previously closed at $4.98.

Analyst Ratings Changes

Several research firms recently issued reports on NEXA. Morgan Stanley downgraded Nexa Resources from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $7.00 to $5.00 in a research note on Tuesday, July 15th. Royal Bank Of Canada lowered their price target on Nexa Resources from $8.00 to $7.00 and set a "sector perform" rating for the company in a report on Wednesday, June 4th. Citigroup assumed coverage on Nexa Resources in a report on Tuesday, September 16th. They issued a "neutral" rating and a $5.50 target price for the company. Finally, Scotiabank set a $4.00 target price on Nexa Resources and gave the stock a "sector underperform" rating in a report on Tuesday, August 5th. Three analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $5.67.

Nexa Resources Price Performance

The company has a debt-to-equity ratio of 1.54, a current ratio of 0.99 and a quick ratio of 0.64. The firm has a 50-day moving average of $4.90 and a 200-day moving average of $5.22. The stock has a market cap of $671.47 million, a PE ratio of -7.45 and a beta of 0.89.

Nexa Resources (NYSE:NEXA - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.16. The company had revenue of $708.42 million during the quarter, compared to analyst estimates of $625.20 million. Nexa Resources had a negative return on equity of 6.54% and a negative net margin of 3.26%. Research analysts predict that Nexa Resources S.A. will post 1.03 EPS for the current year.

About Nexa Resources

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.