Nexa Resources (NYSE:NEXA) Shares Gap Up – Time to Buy?

Nexa Resources S.A. (NYSE:NEXA) gapped up before the market opened on Wednesday . The stock had previously closed at $5.61, but opened at $6.10. Nexa Resources shares last traded at $6.04, with a volume of 384,336 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Nexa Resources in a report on Tuesday. Citigroup began coverage on shares of Nexa Resources in a report on Tuesday, September 16th. They issued a “neutral” rating and a $5.50 price objective on the stock. JPMorgan Chase & Co. upped their price objective on Nexa Resources from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Wall Street Zen upgraded Nexa Resources to a “buy” rating in a research report on Saturday, November 1st. Finally, Scotiabank upped their price target on Nexa Resources from $6.00 to $7.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $6.29.

Nexa Resources Price Performance

The company has a 50-day moving average of $5.32 and a 200-day moving average of $5.11. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91. The firm has a market capitalization of $829.87 million, a price-to-earnings ratio of -52.21 and a beta of 0.84.

Nexa Resources (NYSE:NEXA) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.14). Nexa Resources had a negative net margin of 0.57% and a negative return on equity of 8.80%. The company had revenue of $763.50 million during the quarter, compared to the consensus estimate of $649.86 million. As a group, research analysts anticipate that Nexa Resources S.A. will post 1.03 EPS for the current fiscal year.

Institutional Trading of Nexa Resources

Several hedge funds and other institutional investors have recently modified their holdings of NEXA. Assenagon Asset Management S.A. acquired a new position in shares of Nexa Resources during the third quarter worth about $57,000. GSA Capital Partners LLP lifted its stake in Nexa Resources by 7.5% in the 3rd quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock valued at $178,000 after acquiring an additional 2,504 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Nexa Resources by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 732,176 shares of the company’s stock valued at $3,654,000 after acquiring an additional 26,829 shares in the last quarter.

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.