Short Interest in Nexa Resources S.A. (NYSE:NEXA) Decreases By 29.9%

Key Points

• Short interest in Nexa Resources S.A. decreased by 29.9% in August, totaling 8,200 shares compared to 11,700 shares two weeks prior.
• Several analysts have downgraded the stock, with Scotiabank setting a price target of $4.00, resulting in an average rating of "Strong Sell" and a price target of $5.70.
• Nexa Resources reported earnings of $0.11 per share, exceeding estimates, with quarterly revenue of $708.42 million against analyst expectations of $625.20 million.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 8,200 shares, a decline of 29.9% from the August 15th total of 11,700 shares. Approximately 0.0% of the company's stock are short sold. Based on an average trading volume of 26,100 shares, the days-to-cover ratio is currently 0.3 days. Based on an average trading volume of 26,100 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.0% of the company's stock are short sold.

Analyst Upgrades and Downgrades

Several research firms recently commented on NEXA. Morgan Stanley lowered shares of Nexa Resources from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $7.00 to $5.00 in a research note on Tuesday, July 15th. Citigroup initiated coverage on shares of Nexa Resources in a report on Tuesday. They set a "neutral" rating and a $5.50 price target on the stock. Royal Bank Of Canada decreased their price objective on shares of Nexa Resources from $8.00 to $7.00 and set a "sector perform" rating on the stock in a report on Wednesday, June 4th. Finally, Scotiabank set a $4.00 price objective on shares of Nexa Resources and gave the company a "sector underperform" rating in a report on Tuesday, August 5th. Three analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $5.67.

Nexa Resources Stock Up 1.4%

Nexa Resources stock traded up $0.07 during trading on Friday, reaching $4.97. The stock had a trading volume of 45,587 shares, compared to its average volume of 31,989. Nexa Resources has a 52-week low of $4.44 and a 52-week high of $9.61. The business has a 50 day moving average price of $4.90 and a 200 day moving average price of $5.23. The company has a quick ratio of 0.64, a current ratio of 0.99 and a debt-to-equity ratio of 1.54. The stock has a market cap of $658.23 million, a PE ratio of -7.31 and a beta of 0.89.

Nexa Resources (NYSE:NEXA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.16. The business had revenue of $708.42 million during the quarter, compared to the consensus estimate of $625.20 million. Nexa Resources had a negative net margin of 3.26% and a negative return on equity of 6.54%. On average, analysts predict that Nexa Resources will post 1.03 EPS for the current year.

Nexa Resources Company Profile

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.