NexGen Energy (NYSE:NXE) Stock Price Up 6.2% - Time to Buy?

Key Points

• NexGen Energy shares rose 6.2% to about $9.64 in mid-day trading, although volume was 66% below the average session level.
• Analyst sentiment is generally positive: five analysts rate the stock Buy, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $14.00.
• NexGen is advancing its Rook I uranium project in Saskatchewan’s Athabasca Basin through exploration, permitting and development activities; institutional investors currently own 42.43% of the company.

NexGen Energy (NYSE:NXE - Get Free Report) was up 6.2% during mid-day trading on Tuesday. The company traded as high as $9.72 and last traded at $9.6360. Approximately 2,237,637 shares were traded during mid-day trading, a decline of 66% from the average session volume of 6,520,418 shares. The stock had previously closed at $9.07.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of NexGen Energy from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. assumed coverage on shares of NexGen Energy in a research report on Monday, September 21st. They issued an "overweight" rating and a $14.00 price target for the company. Jefferies Financial Group initiated coverage on shares of NexGen Energy in a research report on Thursday, September 3rd. They set a "buy" rating on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of NexGen Energy in a report on Friday, August 28th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, NexGen Energy presently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

NexGen Energy Trading Up 6.9%

The stock has a fifty day moving average price of $9.99 and a 200 day moving average price of $10.58. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of -24.21 and a beta of 1.45.

Institutional Trading of NexGen Energy

Several institutional investors have recently made changes to their positions in the business. Leonteq Securities AG lifted its holdings in NexGen Energy by 88.2% during the 1st quarter. Leonteq Securities AG now owns 2,343 shares of the company's stock valued at $28,000 after purchasing an additional 1,098 shares during the last quarter. Trifecta Capital Advisors LLC bought a new stake in NexGen Energy during the second quarter worth about $46,000. Integrated Wealth Concepts LLC acquired a new stake in shares of NexGen Energy during the second quarter worth approximately $62,000. Lifetime Wealth Management P.C. acquired a new stake in shares of NexGen Energy during the second quarter worth approximately $94,000. Finally, Fiduciary Financial Advisors bought a new position in shares of NexGen Energy in the second quarter valued at approximately $100,000. 42.43% of the stock is currently owned by institutional investors and hedge funds.

NexGen Energy Company Profile

NexGen Energy Ltd. is a mineral exploration and development company focused on uranium assets in the Athabasca Basin of Saskatchewan, Canada. The company's primary project is the Rook I property, which hosts the Arrow uranium deposit in the western Athabasca Basin.

NexGen is advancing Rook I through exploration, technical studies, permitting and development activities. Its work includes drilling, resource evaluation, environmental assessment and infrastructure planning related to the potential future production of uranium.

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