NexGen Energy (NYSE:NXE) Trading Up 7.6% – Here’s Why

NexGen Energy (NYSE:NXE) shares rose 7.6% on Monday . The stock traded as high as $11.20 and last traded at $11.1760. Approximately 6,123,144 shares traded hands during trading, a decline of 12% from the average session volume of 6,974,532 shares. The stock had previously closed at $10.39.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NXE. Weiss Ratings restated a “sell (d-)” rating on shares of NexGen Energy in a report on Tuesday, June 2nd. Scotiabank reiterated an “outperform” rating on shares of NexGen Energy in a research note on Friday, May 8th. Finally, 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. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold”.

NexGen Energy Trading Down 4.6%

The stock has a market capitalization of $6.86 billion, a P/E ratio of -25.64 and a beta of 1.40. The company’s fifty day simple moving average is $9.74 and its 200 day simple moving average is $11.11.

Institutional Investors Weigh In On NexGen Energy

A number of institutional investors and hedge funds have recently bought and sold shares of NXE. New Harbor Financial Group LLC lifted its stake in NexGen Energy by 4.3% in the fourth quarter. New Harbor Financial Group LLC now owns 24,500 shares of the company’s stock worth $225,000 after acquiring an additional 1,000 shares during the period. Legacy Capital Group California Inc. boosted its holdings in NexGen Energy by 1.3% in the fourth quarter. Legacy Capital Group California Inc. now owns 86,250 shares of the company’s stock valued at $794,000 after acquiring an additional 1,093 shares in the last quarter. Leonteq Securities AG increased its position 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 period. Tidal Investments LLC increased its position in NexGen Energy by 6.9% during the 2nd quarter. Tidal Investments LLC now owns 28,015 shares of the company’s stock valued at $194,000 after purchasing an additional 1,817 shares during the period. Finally, Osaic Holdings Inc. raised its holdings in NexGen Energy by 5.7% in the 2nd quarter. Osaic Holdings Inc. now owns 35,057 shares of the company’s stock worth $243,000 after purchasing an additional 1,904 shares in the last quarter. 42.43% of the stock is owned by hedge funds and other institutional investors.

NexGen Energy Company Profile

NexGen Energy is a Canada-based uranium exploration and development company focused on advancing its flagship Rook I project in the Athabasca Basin of northern Saskatchewan. The company’s primary activities include resource delineation, feasibility studies, and permitting for its high-grade Arrow deposit, one of the largest undeveloped uranium discoveries in the region. NexGen’s technical team employs advanced drilling, geophysical and geochemical techniques to expand and define its resource base, with the aim of delivering a robust, low-cost supply of uranium to global nuclear power markets.

The Rook I project sits within one of the world’s most prolific uranium districts, offering excellent infrastructure access, a skilled local workforce and a supportive regulatory regime.