NexGen Energy (NYSE:NXE) Shares Gap Up - Still a Buy?

Key Points

• NexGen Energy's shares opened at $7.76 after gapping up from a prior close of $7.44, and last traded at $7.93.
• Analyst ratings for NexGen Energy are positive, with two analysts giving a Strong Buy rating and five assigning a Buy rating, resulting in an average rating of "Buy".
• Recent institutional investments include significant new stakes by Cooper Creek Partners Management and Hancock Prospecting, highlighting increased interest in the company's stock.

NexGen Energy (NYSE:NXE - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $7.44, but opened at $7.76. NexGen Energy shares last traded at $7.93, with a volume of 2,556,270 shares.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. TD Securities reaffirmed a "buy" rating on shares of NexGen Energy in a report on Friday, August 8th. Desjardins began coverage on NexGen Energy in a research report on Tuesday, June 10th. They issued a "buy" rating for the company. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy".

NexGen Energy Trading Up 1.8%

The company's 50 day moving average price is $6.93 and its two-hundred day moving average price is $5.93. The firm has a market cap of $4.47 billion, a PE ratio of -31.26 and a beta of 1.47.

NexGen Energy (NYSE:NXE - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.08). Equities research analysts expect that NexGen Energy will post -0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NXE. Cetera Investment Advisers raised its holdings in shares of NexGen Energy by 1.4% during the second quarter. Cetera Investment Advisers now owns 128,690 shares of the company's stock worth $893,000 after purchasing an additional 1,772 shares during the last quarter. Tidal Investments LLC increased its position in NexGen Energy by 6.9% during the second quarter. Tidal Investments LLC now owns 28,015 shares of the company's stock worth $194,000 after purchasing an additional 1,817 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of NexGen Energy by 10.4% during the first quarter. Hsbc Holdings PLC now owns 20,675 shares of the company's stock valued at $93,000 after acquiring an additional 1,946 shares during the last quarter. Sava Infond d.o.o. increased its position in shares of NexGen Energy by 14.3% during the second quarter. Sava Infond d.o.o. now owns 16,000 shares of the company's stock valued at $111,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Rathbones Group PLC increased its position in shares of NexGen Energy by 6.8% during the first quarter. Rathbones Group PLC now owns 33,131 shares of the company's stock valued at $149,000 after acquiring an additional 2,100 shares during the last quarter. Institutional investors and hedge funds own 42.43% of the company's stock.

About NexGen Energy

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.