Short Interest in Nexa Resources S.A. (NYSE:NEXA) Rises By 101.9%

Key Points

• Short interest in Nexa Resources S.A. rose by 101.9% in September, with a total of 31,900 shares shorted, indicating increased bearish sentiment among investors.
• Analyst ratings for Nexa Resources vary, with Citigroup rating it "neutral" with a target price of $5.50, while Morgan Stanley has cut their target to $5.00, reflecting mixed outlooks.
• Recently, institutional investor Assenagon Asset Management acquired 11,486 shares of Nexa Resources stock, highlighting ongoing interest in the company despite its volatility.

Nexa Resources S.A. (NYSE:NEXA - Get Free Report) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 31,900 shares, a growth of 101.9% from the September 15th total of 15,800 shares. Based on an average daily volume of 37,100 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.1% of the company's shares are short sold. Approximately 0.1% of the company's shares are short sold. Based on an average daily volume of 37,100 shares, the days-to-cover ratio is currently 0.9 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NEXA shares. Citigroup began coverage on Nexa Resources in a report on Tuesday, September 16th. They set a "neutral" rating and a $5.50 price objective on the stock. JPMorgan Chase & Co. increased their target price on Nexa Resources from $6.50 to $7.00 and gave the stock a "neutral" rating in a research report on Friday. Morgan Stanley lowered Nexa Resources from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $7.00 to $5.00 in a research report on Tuesday, July 15th. Scotiabank raised Nexa Resources from a "sector underperform" rating to a "sector perform" rating and increased their target price for the stock from $4.00 to $5.50 in a research report on Tuesday, October 14th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Nexa Resources in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $6.07.

Institutional Trading of Nexa Resources

An institutional investor recently bought a new position in Nexa Resources stock. Assenagon Asset Management S.A. bought a new position in shares of Nexa Resources S.A. (NYSE:NEXA - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,486 shares of the company's stock, valued at approximately $57,000.

Nexa Resources Stock Up 0.1%

NYSE:NEXA traded up $0.01 during mid-day trading on Monday, hitting $5.59. The company had a trading volume of 110,662 shares, compared to its average volume of 97,410. The business has a fifty day simple moving average of $5.04 and a 200-day simple moving average of $5.15. The company has a current ratio of 0.99, a quick ratio of 0.64 and a debt-to-equity ratio of 1.54. Nexa Resources has a 1 year low of $4.44 and a 1 year high of $9.61. The firm has a market capitalization of $739.68 million, a price-to-earnings ratio of -8.21 and a beta of 0.77.

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

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