NexGen Energy (NYSE:NXE) Stock Price 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) was up 8.2% on Monday . The stock traded as high as $8.31 and last traded at $8.26. Approximately 9,325,560 shares changed hands during trading, an increase of 3% from the average daily volume of 9,092,221 shares. The stock had previously closed at $7.63.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NXE shares. Desjardins started coverage on shares of NexGen Energy in a report 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 report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat.com, NexGen Energy has an average rating of "Buy".

NexGen Energy Stock Performance

The company has a market capitalization of $5.06 billion, a P/E ratio of -35.24 and a beta of 1.47. The stock has a 50 day moving average price of $7.27 and a 200 day moving average price of $6.15.

NexGen Energy (NYSE:NXE - Get Free Report) last announced 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 expect that NexGen Energy will post -0.05 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NXE. Compound Planning Inc. purchased a new position in shares of NexGen Energy during the first quarter worth about $46,000. PenderFund Capital Management Ltd. lifted its position in NexGen Energy by 45.0% in the first quarter. PenderFund Capital Management Ltd. now owns 11,600 shares of the company's stock valued at $52,000 after purchasing an additional 3,600 shares during the last quarter. Ground Swell Capital LLC bought a new stake in NexGen Energy in the first quarter valued at approximately $55,000. Canton Hathaway LLC bought a new stake in NexGen Energy in the second quarter valued at approximately $57,000. Finally, Olympiad Research LP bought a new stake in NexGen Energy in the second quarter valued at approximately $73,000. 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.