Citigroup Issues Positive Forecast for Nexa Resources (NYSE:NEXA) Stock Price

Nexa Resources (NYSE:NEXA) had its target price lifted by stock analysts at Citigroup from $5.50 to $13.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential downside of 2.99% from the company’s current price.

Several other research firms have also recently issued reports on NEXA. Scotiabank reiterated a “sector perform” rating on shares of Nexa Resources in a report on Monday, January 26th. JPMorgan Chase & Co. upped their target price on shares of Nexa Resources from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Morgan Stanley set a $7.70 price objective on Nexa Resources and gave the stock an “underweight” rating in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Nexa Resources to a “buy” rating in a research report on Saturday, November 1st. Six analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Nexa Resources currently has an average rating of “Reduce” and an average target price of $7.74.

Nexa Resources Price Performance

Shares of NYSE:NEXA traded up $0.74 during midday trading on Tuesday, reaching $13.40. 346,906 shares of the company’s stock traded hands, compared to its average volume of 905,311. The company has a market cap of $1.67 billion, a P/E ratio of -111.66, a PEG ratio of 0.32 and a beta of 0.55. The company has a fifty day simple moving average of $9.60 and a two-hundred day simple moving average of $6.76. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.60 and a current ratio of 0.91. Nexa Resources has a 1 year low of $4.44 and a 1 year high of $14.94.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NEXA. Assenagon Asset Management S.A. acquired a new stake in Nexa Resources in the third quarter worth about $57,000. First Affirmative Financial Network acquired a new position in shares of Nexa Resources during the 3rd quarter worth approximately $63,000. Susquehanna International Group LLP acquired a new stake in Nexa Resources during the 3rd quarter valued at $134,000. GSA Capital Partners LLP boosted its position in Nexa Resources by 7.5% during the third quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock worth $178,000 after purchasing an additional 2,504 shares during the period. Finally, Citadel Advisors LLC boosted its position in shares of Nexa Resources by 142.4% during the 3rd quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock valued at $301,000 after purchasing an additional 35,411 shares in the last quarter.

About Nexa Resources

Nexa Resources SA is a Brazil-based metals and mining company with a primary focus on zinc and copper. Listed on the New York Stock Exchange under the ticker NEXA, the firm develops, extracts and processes mineral resources for industrial applications worldwide. Headquartered in São Paulo, Brazil, Nexa is a leading participant in Latin America’s mining sector with a diversified portfolio of upstream and downstream operations.

The company’s operations span multiple mining and smelting complexes in Brazil’s Minas Gerais and Mato Grosso regions, as well as in Peru’s coastal and Andean zones.