NexGen Energy (NYSE:NXE) Stock Price Down 4.7% – Should You Sell?

NexGen Energy Ltd. (NYSE:NXE) fell 4.7% during mid-day trading on Tuesday . The stock traded as low as $4.92 and last traded at $4.93. 3,898,543 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 9,683,332 shares. The stock had previously closed at $5.17.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NXE. Stifel Canada upgraded shares of NexGen Energy to a “strong-buy” rating in a research report on Tuesday, March 11th. Scotiabank reaffirmed an “outperform” rating on shares of NexGen Energy in a report on Thursday, March 6th. Finally, Stifel Nicolaus began coverage on NexGen Energy in a research note on Wednesday, March 12th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Strong Buy”.

NexGen Energy Stock Performance

The business’s 50-day moving average is $5.88 and its two-hundred day moving average is $6.74. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 33.20 and a beta of 1.97.

Institutional Investors Weigh In On NexGen Energy

Several hedge funds have recently bought and sold shares of NXE. The Manufacturers Life Insurance Company increased its position in shares of NexGen Energy by 792.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,115,250 shares of the company’s stock valued at $46,434,000 after buying an additional 6,317,538 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of NexGen Energy by 222.6% in the fourth quarter. JPMorgan Chase & Co. now owns 6,345,726 shares of the company’s stock worth $41,882,000 after acquiring an additional 4,378,933 shares in the last quarter. Van ECK Associates Corp raised its position in shares of NexGen Energy by 79.7% during the fourth quarter. Van ECK Associates Corp now owns 8,481,026 shares of the company’s stock worth $55,971,000 after purchasing an additional 3,762,756 shares during the period. Mountaineer Partners Management LLC lifted its holdings in shares of NexGen Energy by 536.6% during the 3rd quarter. Mountaineer Partners Management LLC now owns 3,686,231 shares of the company’s stock valued at $24,071,000 after purchasing an additional 3,107,214 shares in the last quarter. Finally, Segra Capital Management LLC grew its position in shares of NexGen Energy by 19.8% in the 3rd quarter. Segra Capital Management LLC now owns 11,671,758 shares of the company’s stock valued at $76,217,000 after purchasing an additional 1,931,200 shares during the period. 42.43% of the stock is currently owned by institutional investors and hedge funds.

About NexGen Energy

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.