NexGen Energy (NYSE:NXE) Sees Large Decline in Short Interest

Key Points

• Short interest plunged 41.8% to 44,160,446 shares as of March 31 (from 75,849,161 on March 15), leaving a short-interest ratio of 4.6 days and about 7.1% of the float sold short.
• NexGen shares recently traded around $11.48 with a market cap of $7.59 billion, and the company reported a quarterly EPS loss of $0.05, missing estimates by $0.02.
• The stock has an average analyst rating of "Moderate Buy" (four Buys, one Hold, one Sell) and roughly 42.43% of the shares are owned by hedge funds and other institutions.

NexGen Energy (NYSE:NXE - Get Free Report) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 44,160,446 shares, a drop of 41.8% from the March 15th total of 75,849,161 shares. Based on an average daily volume of 9,653,658 shares, the short-interest ratio is presently 4.6 days. Currently, 7.1% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc grew its position in shares of NexGen Energy by 287,500.0% during the 3rd quarter. Versant Capital Management Inc now owns 2,876 shares of the company's stock valued at $26,000 after purchasing an additional 2,875 shares in the last quarter. CWM LLC purchased a new position in shares of NexGen Energy during the 3rd quarter valued at $41,000. SBI Securities Co. Ltd. grew its position in shares of NexGen Energy by 454.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 7,965 shares of the company's stock valued at $73,000 after purchasing an additional 6,528 shares in the last quarter. Flow Traders U.S. LLC purchased a new position in shares of NexGen Energy during the 2nd quarter valued at $76,000. Finally, Jump Financial LLC purchased a new position in shares of NexGen Energy during the 4th quarter valued at $93,000. 42.43% of the stock is currently owned by hedge funds and other institutional investors.

NexGen Energy Stock Performance

NexGen Energy stock traded up $0.09 during mid-day trading on Monday, reaching $11.48. The company's stock had a trading volume of 600,299 shares, compared to its average volume of 8,627,833. NexGen Energy has a 12-month low of $4.39 and a 12-month high of $13.96. The company has a market capitalization of $7.59 billion, a P/E ratio of -30.24 and a beta of 1.44. The firm's fifty day moving average price is $11.91 and its two-hundred day moving average price is $10.37.

NexGen Energy (NYSE:NXE - Get Free Report) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). On average, research analysts predict that NexGen Energy will post -0.05 EPS for the current fiscal year.

Analysts Set New Price Targets

NXE has been the subject of several research analyst reports. Raymond James Financial restated an "outperform" rating on shares of NexGen Energy in a research note on Wednesday, January 14th. UBS Group began coverage on shares of NexGen Energy in a research note on Thursday, March 5th. They set a "buy" rating for the company. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of NexGen Energy in a research note on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy".

NexGen Energy Company Profile

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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