NexGen Energy (NYSE:NXE) Stock Price Up 4.6% - Should You Buy?

Shares of NexGen Energy Ltd. (NYSE:NXE - Get Free Report) rose 4.6% during trading on Wednesday . The stock traded as high as $6.51 and last traded at $6.65. Approximately 601,197 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 7,263,525 shares. The stock had previously closed at $6.36.

Analysts Set New Price Targets

NXE has been the topic of several research analyst reports. Stifel Canada raised shares of NexGen Energy to a "strong-buy" rating in a report on Tuesday, March 11th. Stifel Nicolaus started coverage on shares of NexGen Energy in a research report on Wednesday, March 12th. They issued a "buy" rating on the stock. Scotiabank restated an "outperform" rating on shares of NexGen Energy in a research report on Thursday, March 6th. Raymond James restated an "outperform" rating on shares of NexGen Energy in a research report on Friday, April 4th. Finally, Desjardins started coverage on shares of NexGen Energy in a research report on Tuesday. They issued a "buy" rating on the stock. Four investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, NexGen Energy has a consensus rating of "Buy".

NexGen Energy Price Performance

The firm's 50-day moving average is $5.51 and its two-hundred day moving average is $6.00. The company has a market cap of $3.77 billion, a P/E ratio of 44.17 and a beta of 1.54.

NexGen Energy (NYSE:NXE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). As a group, sell-side analysts expect that NexGen Energy Ltd. will post -0.05 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NXE. PNC Financial Services Group Inc. increased its position in NexGen Energy by 284.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,000 shares of the company's stock valued at $33,000 after acquiring an additional 3,700 shares during the last quarter. Compound Planning Inc. bought a new position in NexGen Energy during the first quarter valued at $46,000. Altshuler Shaham Ltd bought a new position in NexGen Energy during the fourth quarter valued at $51,000. PenderFund Capital Management Ltd. increased its position in NexGen Energy by 45.0% during the first quarter. PenderFund Capital Management Ltd. now owns 11,600 shares of the company's stock valued at $52,000 after acquiring an additional 3,600 shares during the last quarter. Finally, Ground Swell Capital LLC bought a new position in NexGen Energy during the first quarter valued at $55,000. Institutional investors 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.