Nexa Resources (NYSE:NEXA) Shares Gap Down - Time to Sell?

Key Points

• Nexa Resources shares fell sharply, opening at $14.90 versus a prior close of $15.58 and later trading near $14.01.
• Analyst sentiment remains cautious: six analysts rate the stock Hold and one rates it Sell, resulting in a consensus “Reduce” rating and a $14.40 price target.
• Nexa’s latest quarterly earnings missed expectations, with adjusted EPS of $0.64 versus the $0.71 consensus, although revenue of $907.93 million slightly exceeded estimates.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $15.58, but opened at $14.90. Nexa Resources shares last traded at $14.0090, with a volume of 366,743 shares trading hands.

Wall Street Analyst Weigh In

NEXA has been the topic of several analyst reports. Bank of America lifted their price target on shares of Nexa Resources from $12.00 to $14.00 and gave the company an "underperform" rating in a research report on Thursday, July 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Nexa Resources in a research note on Monday, July 20th. Morgan Stanley lifted their target price on Nexa Resources from $11.50 to $12.50 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. upped their price target on Nexa Resources from $7.50 to $15.50 and gave the company a "neutral" rating in a research note on Friday, July 24th. Finally, Zacks Research cut Nexa Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 8th. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Nexa Resources has a consensus rating of "Reduce" and a consensus target price of $14.40.

Nexa Resources Stock Performance

The firm's fifty day moving average price is $13.54 and its 200 day moving average price is $13.10. The company has a current ratio of 0.80, a quick ratio of 0.46 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 6.65, a price-to-earnings-growth ratio of 0.18 and a beta of 0.94.

Nexa Resources (NYSE:NEXA - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.07). The company had revenue of $907.93 million during the quarter, compared to analyst estimates of $906.52 million. Nexa Resources had a net margin of 8.02% and a return on equity of 20.25%. Analysts forecast that Nexa Resources S.A. will post 2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Several hedge funds have recently bought and sold shares of NEXA. Financial Management Professionals Inc. purchased a new stake in shares of Nexa Resources during the second quarter worth $28,000. Royal Bank of Canada boosted its holdings in Nexa Resources by 173.8% in the first quarter. Royal Bank of Canada now owns 4,386 shares of the company's stock valued at $47,000 after purchasing an additional 2,784 shares during the period. Hsbc Holdings PLC grew its stake in Nexa Resources by 17.5% during the 1st quarter. Hsbc Holdings PLC now owns 19,333 shares of the company's stock worth $203,000 after purchasing an additional 2,879 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Nexa Resources during the 4th quarter worth $36,000. Finally, Nano Cap New Millennium Growth Fund L P purchased a new stake in Nexa Resources during the 4th quarter worth about $44,000.

Nexa Resources Company Profile

Nexa Resources SA is a Brazil-based metals and mining company with a primary focus on zinc and copper. Listed on the New York Stock Exchange under the ticker NEXA, the firm develops, extracts and processes mineral resources for industrial applications worldwide. Headquartered in São Paulo, Brazil, Nexa is a leading participant in Latin America’s mining sector with a diversified portfolio of upstream and downstream operations.

The company’s operations span multiple mining and smelting complexes in Brazil’s Minas Gerais and Mato Grosso regions, as well as in Peru’s coastal and Andean zones.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source