Nexa Resources S.A. (NYSE:NEXA) Sees Large Growth in Short Interest

Key Points

• Nexa Resources S.A. saw a significant increase in short interest, rising by 92.7% to 15,800 shares as of September 15, 2023.
• Analysts have lowered their price targets for Nexa Resources, with Morgan Stanley reducing its target from $7.00 to $5.00, indicating a prevailing sentiment of a "Strong Sell" rating.
• The company's recent quarterly earnings showed a positive EPS of $0.11, beating estimates significantly, yet it still reported a negative return on equity of 6.54%.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 15,800 shares, a growth of 92.7% from the August 31st total of 8,200 shares. Based on an average trading volume of 31,200 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.0% of the company's shares are short sold. Currently, 0.0% of the company's shares are short sold. Based on an average trading volume of 31,200 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Morgan Stanley downgraded shares of Nexa Resources from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $7.00 to $5.00 in a research report on Tuesday, July 15th. Scotiabank set a $4.00 target price on shares of Nexa Resources and gave the company a "sector underperform" rating in a report on Tuesday, August 5th. Citigroup initiated coverage on shares of Nexa Resources in a research report on Tuesday, September 16th. They set a "neutral" rating and a $5.50 price target on the stock. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Nexa Resources in a report on Saturday, September 27th. Three equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Strong Sell" and an average price target of $5.67.

Nexa Resources Price Performance

Shares of NYSE:NEXA opened at $5.01 on Friday. The business's 50 day moving average is $4.92 and its 200 day moving average is $5.20. Nexa Resources has a 12-month low of $4.44 and a 12-month high of $9.61. The stock has a market cap of $663.52 million, a price-to-earnings ratio of -7.37 and a beta of 0.77. The company has a quick ratio of 0.64, a current ratio of 0.99 and a debt-to-equity ratio of 1.54.

Nexa Resources (NYSE:NEXA - Get Free Report) last released 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 business 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%. On average, sell-side analysts forecast that Nexa Resources will post 1.03 earnings per share for the current fiscal year.

Nexa Resources Company Profile

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.

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