NexGen Energy (NYSE:NXE) Trading Down 4.9% - Here's What Happened

Key Points

• NexGen Energy's share price fell 4.9%, trading as low as $8.82 and closing at $8.64, with a significant drop in trading volume.
• Analyst ratings for NexGen Energy have been mostly positive, with a consensus rating of "Buy" from multiple analysts, including a strong buy from one.
• The company reported an earnings miss of ($0.10) per share for the last quarter, below the consensus estimate of ($0.02). Analysts predict a -0.05 EPS for the current fiscal year.

NexGen Energy (NYSE:NXE - Get Free Report)'s share price dropped 4.9% during mid-day trading on Thursday . The company traded as low as $8.82 and last traded at $8.64. Approximately 2,038,550 shares were traded during trading, a decline of 78% from the average daily volume of 9,081,114 shares. The stock had previously closed at $9.08.

Analyst Ratings Changes

NXE has been the topic of a number of recent analyst reports. Desjardins initiated coverage on shares of NexGen Energy in a research note on Tuesday, June 10th. They set a "buy" rating on the stock. TD Securities reiterated a "buy" rating on shares of NexGen Energy in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy".

NexGen Energy Price Performance

The firm's 50-day simple moving average is $7.61 and its two-hundred day simple moving average is $6.38. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of -34.98 and a beta of 1.44.

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

Institutional Trading of NexGen Energy

Several institutional investors and hedge funds have recently modified their holdings of NXE. Confluence Investment Management LLC purchased a new position in shares of NexGen Energy during the second quarter valued at approximately $483,000. Kapitalo Investimentos Ltda lifted its stake in shares of NexGen Energy by 54.8% during the second quarter. Kapitalo Investimentos Ltda now owns 1,608,804 shares of the company's stock valued at $11,165,000 after buying an additional 569,754 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in shares of NexGen Energy by 11.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 39,726 shares of the company's stock valued at $178,000 after buying an additional 4,075 shares during the period. Ausbil Investment Management Ltd lifted its stake in shares of NexGen Energy by 72.6% during the second quarter. Ausbil Investment Management Ltd now owns 107,000 shares of the company's stock valued at $743,000 after buying an additional 45,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of NexGen Energy by 7.7% during the first quarter. Bank of New York Mellon Corp now owns 2,021,300 shares of the company's stock valued at $9,076,000 after buying an additional 144,742 shares during the period. Hedge funds and other 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.

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