NexGen Energy (NYSE:NXE) Shares Up 6.2% – Here’s What Happened

NexGen Energy (NYSE:NXE) traded up 6.2% during mid-day trading on Tuesday. The stock traded as high as $9.72 and last traded at $9.6360. Approximately 2,237,637 shares traded hands during trading, a decline of 66% from the average daily volume of 6,520,418 shares. The stock had previously closed at $9.07.

Analysts Set New Price Targets

NXE has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on shares of NexGen Energy in a research report on Thursday, September 3rd. They issued a “buy” rating for the company. Wall Street Zen raised NexGen Energy from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of NexGen Energy in a research report on Friday, August 28th. Finally, JPMorgan Chase & Co. assumed coverage on NexGen Energy in a report on Monday, September 21st. They issued an “overweight” rating and a $14.00 price target on the stock. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

NexGen Energy Trading Up 6.9%

The firm’s 50 day moving average price is $9.99 and its two-hundred day moving average price is $10.58. The company has a market capitalization of $6.49 billion, a P/E ratio of -24.21 and a beta of 1.45.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NXE. Integrated Wealth Concepts LLC acquired a new position in NexGen Energy during the second quarter valued at approximately $62,000. Amundi raised its holdings in NexGen Energy by 45.0% in the 2nd quarter. Amundi now owns 3,020,476 shares of the company’s stock valued at $28,362,000 after buying an additional 936,908 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of NexGen Energy by 139.1% during the second quarter. HighTower Advisors LLC now owns 162,508 shares of the company’s stock worth $1,526,000 after purchasing an additional 94,537 shares during the period. TD Waterhouse Canada Inc. grew its position in shares of NexGen Energy by 5.9% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 168,426 shares of the company’s stock valued at $1,591,000 after buying an additional 9,354 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new position in NexGen Energy during the 2nd quarter worth approximately $532,000. Institutional investors own 42.43% of the company’s stock.

About NexGen Energy

NexGen Energy Ltd. is a mineral exploration and development company focused on uranium assets in the Athabasca Basin of Saskatchewan, Canada. The company’s primary project is the Rook I property, which hosts the Arrow uranium deposit in the western Athabasca Basin.

NexGen is advancing Rook I through exploration, technical studies, permitting and development activities. Its work includes drilling, resource evaluation, environmental assessment and infrastructure planning related to the potential future production of uranium.