NexGen Energy (NYSE:NXE) Shares Up 5.6% – Here’s Why

NexGen Energy Ltd. (NYSE:NXE)’s stock price shot up 5.6% on Wednesday . The stock traded as high as $4.80 and last traded at $4.80. 3,864,131 shares changed hands during trading, a decline of 61% from the average session volume of 9,913,725 shares. The stock had previously closed at $4.54.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NXE. Stifel Canada upgraded shares of NexGen Energy to a “strong-buy” rating in a research note on Tuesday, March 11th. Scotiabank restated an “outperform” rating on shares of NexGen Energy in a research note on Thursday, March 6th. Stifel Nicolaus initiated coverage on NexGen Energy in a research note on Wednesday, March 12th. They issued a “buy” rating for the company. Finally, Raymond James reissued an “outperform” rating on shares of NexGen Energy in a report on Friday, April 4th. Three analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Strong Buy”.

NexGen Energy Trading Up 2.6 %

The company has a 50 day simple moving average of $5.07 and a 200 day simple moving average of $6.55. The stock has a market capitalization of $2.65 billion, a PE ratio of 31.07 and a beta of 2.02.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in NexGen Energy by 1.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,018,623 shares of the company’s stock valued at $230,828,000 after acquiring an additional 501,952 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of NexGen Energy by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 20,436,513 shares of the company’s stock valued at $134,779,000 after acquiring an additional 298,106 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of NexGen Energy by 1.0% during the fourth quarter. Nuveen Asset Management LLC now owns 8,747,305 shares of the company’s stock valued at $57,659,000 after acquiring an additional 82,413 shares during the last quarter. Van ECK Associates Corp raised its stake in NexGen Energy by 79.7% in the 4th quarter. Van ECK Associates Corp now owns 8,481,026 shares of the company’s stock valued at $55,971,000 after purchasing an additional 3,762,756 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in NexGen Energy by 222.6% in the 4th quarter. JPMorgan Chase & Co. now owns 6,345,726 shares of the company’s stock valued at $41,882,000 after purchasing an additional 4,378,933 shares in the last quarter. 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.