NexGen Energy (NYSE:NXE) Shares Down 4.7% – Here’s What Happened

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

Analysts Set New Price Targets

NXE has been the subject of a number of research analyst reports. Stifel Nicolaus began coverage on shares of NexGen Energy in a research note on Wednesday, March 12th. They issued a “buy” rating for the company. Scotiabank reaffirmed an “outperform” rating on shares of NexGen Energy in a research report on Thursday, March 6th. Finally, Stifel Canada raised NexGen Energy to a “strong-buy” rating in a research report on Tuesday, March 11th. Two analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Strong Buy”.

NexGen Energy Price 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 cap of $2.83 billion, a P/E ratio of 33.20 and a beta of 1.97.

Institutional Trading of NexGen Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Azarias Capital Management L.P. grew its stake in NexGen Energy by 15.3% in the fourth quarter. Azarias Capital Management L.P. now owns 2,038,627 shares of the company’s stock valued at $13,455,000 after purchasing an additional 271,153 shares in the last quarter. Mountaineer Partners Management LLC boosted its holdings in shares of NexGen Energy by 536.6% in the 3rd quarter. Mountaineer Partners Management LLC now owns 3,686,231 shares of the company’s stock valued at $24,071,000 after buying an additional 3,107,214 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of NexGen Energy by 719.6% in the third quarter. Toronto Dominion Bank now owns 180,140 shares of the company’s stock valued at $1,176,000 after buying an additional 158,160 shares in the last quarter. Barclays PLC increased its holdings in NexGen Energy by 328.3% during the third quarter. Barclays PLC now owns 187,861 shares of the company’s stock worth $1,227,000 after buying an additional 143,996 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in NexGen Energy by 792.0% during the third quarter. The Manufacturers Life Insurance Company now owns 7,115,250 shares of the company’s stock worth $46,434,000 after acquiring an additional 6,317,538 shares in the last quarter. Institutional investors and hedge funds own 42.43% of the company’s stock.

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.