Nexa Resources S.A. (NYSE:NEXA) Shares Shorted: Short Interest Up 90.1% in October

Key Points

• Nexa Resources’ short interest surged 90.1% in October to 489,270 shares, representing approximately 0.4% of its outstanding shares and a short-interest ratio of 0.9 days.
• Nexa reported quarterly earnings of $0.87 per share, beating analyst expectations of $0.61, while revenue of $937.1 million came in below the $952.1 million consensus estimate.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $14.94 target price; meanwhile, several institutional investors increased their positions during the third quarter.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 489,270 shares, an increase of 90.1% from the September 30th total of 257,356 shares. Based on an average trading volume of 570,057 shares, the short-interest ratio is presently 0.9 days. Approximately 0.4% of the shares of the company are sold short.

Nexa Resources Price Performance

Nexa Resources stock opened at $11.03 on Friday. The business has a fifty day moving average of $12.89 and a two-hundred day moving average of $12.98. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.46 and a current ratio of 0.80. The company has a market cap of $1.46 billion, a P/E ratio of 10.03, a price-to-earnings-growth ratio of 0.12 and a beta of 0.94. Nexa Resources has a one year low of $5.05 and a one year high of $16.89.

Nexa Resources (NYSE:NEXA - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.26. Nexa Resources had a return on equity of 28.07% and a net margin of 4.00%. The business had revenue of $937.13 million for the quarter, compared to analysts' expectations of $952.11 million. As a group, analysts predict that Nexa Resources will post 2.69 earnings per share for the current fiscal year.

Institutional Trading of Nexa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trek Financial LLC grew its holdings in Nexa Resources by 58.1% in the 3rd quarter. Trek Financial LLC now owns 82,586 shares of the company's stock valued at $1,007,000 after buying an additional 30,340 shares during the period. Ashoka WhiteOak Capital Pte Ltd acquired a new position in shares of Nexa Resources in the 3rd quarter valued at $6,252,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Nexa Resources by 159.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 697,972 shares of the company's stock valued at $8,508,000 after buying an additional 429,208 shares during the period. Elevated Financial Group LLC increased its holdings in shares of Nexa Resources by 24.3% during the 3rd quarter. Elevated Financial Group LLC now owns 33,039 shares of the company's stock worth $403,000 after buying an additional 6,453 shares during the last quarter. Finally, Triumph Capital Management increased its holdings in shares of Nexa Resources by 4.4% during the 3rd quarter. Triumph Capital Management now owns 33,704 shares of the company's stock worth $411,000 after buying an additional 1,431 shares during the last quarter.

Wall Street Analyst Weigh In

NEXA has been the topic of a number of research analyst reports. Zacks Research upgraded Nexa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Citigroup restated a "neutral" rating on shares of Nexa Resources in a research note on Friday, October 16th. Scotiabank raised their price target on Nexa Resources from $14.00 to $15.00 and gave the stock a "sector perform" rating in a research note on Friday, August 28th. Wall Street Zen downgraded Nexa Resources from a "strong-buy" rating to a "buy" rating in a report on Tuesday, July 28th. Finally, Bank of America raised their price objective on shares of Nexa Resources from $12.00 to $14.00 and gave the stock an "underperform" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Nexa Resources presently has a consensus rating of "Hold" and a consensus target price of $14.94.

About Nexa Resources

Nexa Resources SA NYSE: NEXA is a global mining and metals company focused primarily on the production of zinc, lead, copper and silver. The company also produces related byproducts and refined materials, including sulfuric acid and various metal alloys, which serve customers in industrial, infrastructure, construction and manufacturing markets.

Nexa operates an integrated platform that includes underground and open-pit mines, mineral-processing facilities and zinc smelters. Its principal mining and metallurgical operations are located in Brazil and Peru, with the Cajamarquilla zinc refinery in Peru and additional mining and smelting assets in Brazil.

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