NexGen Energy (NYSE:NXE) Shares Up 8.2% - Time to Buy?

Key Points

• NexGen Energy's stock price increased by 8.2%, reaching as high as $8.31 during trading, with a significant volume of 9.3 million shares traded.
• The company's average stock rating is a "Buy," with several analysts, including Desjardins and TD Securities, reaffirming their positive outlook on NexGen.
• NexGen Energy reported a loss of ($0.10) earnings per share for the last quarter, which was below analyst expectations of ($0.02).

NexGen Energy (NYSE:NXE - Get Free Report) shares shot up 8.2% on Monday . The stock traded as high as $8.31 and last traded at $8.26. 9,325,560 shares were traded during mid-day trading, an increase of 3% from the average session volume of 9,092,221 shares. The stock had previously closed at $7.63.

Analysts Set New Price Targets

Several research firms recently weighed in on NXE. TD Securities restated a "buy" rating on shares of NexGen Energy in a report on Friday, August 8th. Desjardins began coverage on NexGen Energy in a 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 assigned a Buy rating to the stock. Based on data from MarketBeat, NexGen Energy has an average rating of "Buy".

NexGen Energy Price Performance

The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of -35.54 and a beta of 1.47. The business has a fifty day moving average price of $7.23 and a 200 day moving average price of $6.13.

NexGen Energy (NYSE:NXE - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.08). As a group, sell-side analysts predict that NexGen Energy will post -0.05 earnings per share for the current fiscal year.

Institutional Trading of NexGen Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. grew its position in NexGen Energy by 5.7% in the second quarter. Osaic Holdings Inc. now owns 35,057 shares of the company's stock valued at $243,000 after acquiring an additional 1,904 shares during the period. L1 Capital Pty Ltd grew its position in NexGen Energy by 10.3% in the second quarter. L1 Capital Pty Ltd now owns 33,816,063 shares of the company's stock valued at $234,683,000 after acquiring an additional 3,171,558 shares during the period. Nomura Holdings Inc. grew its position in NexGen Energy by 120.3% in the second quarter. Nomura Holdings Inc. now owns 30,543 shares of the company's stock valued at $212,000 after acquiring an additional 16,677 shares during the period. Evergreen Capital Management LLC grew its position in NexGen Energy by 4.1% in the second quarter. Evergreen Capital Management LLC now owns 53,935 shares of the company's stock valued at $374,000 after acquiring an additional 2,100 shares during the period. Finally, Ion Asset Management Ltd. bought a new stake in NexGen Energy in the second quarter valued at $465,000. 42.43% of the stock is currently owned by institutional investors.

NexGen Energy Company Profile

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.