Canaccord Genuity Increases Nevsun Resources (NSU) Price Target to C$4.50
Nevsun Resources (TSE:NSU) (TSE:NSU) had its price target raised by Canaccord Genuity from C$3.25 to C$4.50 in a research note issued on Monday. Canaccord Genuity’s target price would suggest a potential upside of 89.87% from the stock’s previous close.
Several other brokerages have also recently issued reports on NSU. Zacks Investment Research upgraded shares of Nevsun Resources from a “hold” rating to a “buy” rating and set a C$2.50 target price on the stock in a report on Thursday, September 7th. Scotiabank upgraded shares of Nevsun Resources from a “sector perform” rating to an “outperform” rating and set a C$3.50 target price on the stock in a report on Friday, September 8th. Raymond James Financial, Inc. reiterated a “mkt perform” rating on shares of Nevsun Resources in a report on Tuesday, August 15th. TheStreet cut shares of Nevsun Resources from a “c” rating to a “d+” rating in a report on Thursday, August 10th. Finally, Royal Bank Of Canada cut shares of Nevsun Resources from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$5.50 to C$4.00 in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of C$4.16.
Nevsun Resources (TSE NSU) opened at 3.04 on Monday. Nevsun Resources has a 12 month low of $2.49 and a 12 month high of $4.63. The stock’s market capitalization is $918.34 million. The company’s 50-day moving average is $2.81 and its 200-day moving average is $3.01.
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In other news, insider Peter Gerald Jan Kukielski purchased 105,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average cost of C$2.62 per share, for a total transaction of C$275,100.00. Also, insider Scott Trebilcock purchased 40,000 shares of the stock in a transaction dated Friday, August 25th. The stock was purchased at an average price of C$2.82 per share, for a total transaction of C$112,800.00.
Large investors have recently added to or reduced their stakes in the company. Shell Asset Management Co. boosted its holdings in shares of Nevsun Resources by 87.7% in the 3rd quarter. Shell Asset Management Co. now owns 47,620 shares of the basic materials company’s stock valued at $193,000 after buying an additional 22,248 shares in the last quarter. K2 Principal Fund L.P. bought a new stake in shares of Nevsun Resources in the 2nd quarter valued at about $169,000. Virtu KCG Holdings LLC boosted its holdings in shares of Nevsun Resources by 605.3% in the 2nd quarter. Virtu KCG Holdings LLC now owns 77,446 shares of the basic materials company’s stock valued at $187,000 after buying an additional 66,465 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of Nevsun Resources by 88.5% in the 2nd quarter. Bank of Nova Scotia now owns 91,584 shares of the basic materials company’s stock valued at $221,000 after buying an additional 42,987 shares in the last quarter. Finally, Aperio Group LLC boosted its holdings in shares of Nevsun Resources by 2.7% in the 2nd quarter. Aperio Group LLC now owns 163,805 shares of the basic materials company’s stock valued at $395,000 after buying an additional 4,332 shares in the last quarter.
Nevsun Resources Company Profile
Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.
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