NexGen Energy (NYSE:NXE) Trading Up 5%

NexGen Energy Ltd. (NYSE:NXE)’s stock price shot up 5% during mid-day trading on Wednesday . The stock traded as high as $5.76 and last traded at $5.68. 2,325,515 shares changed hands during trading, a decline of 59% from the average session volume of 5,683,175 shares. The stock had previously closed at $5.41.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Haywood Securities upgraded NexGen Energy to a “strong-buy” rating in a report on Friday, May 17th. Ventum Cap Mkts raised NexGen Energy to a “strong-buy” rating in a research note on Monday, July 8th. Finally, National Bank Financial upgraded shares of NexGen Energy to a “strong-buy” rating in a report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, NexGen Energy presently has an average rating of “Strong Buy” and a consensus target price of $11.00.

NexGen Energy Price Performance

The company’s 50-day simple moving average is $6.16 and its 200 day simple moving average is $7.09.

NexGen Energy (NYSE:NXE) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. On average, sell-side analysts predict that NexGen Energy Ltd. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On NexGen Energy

A number of large investors have recently added to or reduced their stakes in NXE. Mackenzie Financial Corp lifted its position in shares of NexGen Energy by 411.2% during the 2nd quarter. Mackenzie Financial Corp now owns 1,530,574 shares of the company’s stock worth $10,675,000 after purchasing an additional 1,231,144 shares during the last quarter. Millennium Management LLC raised its stake in NexGen Energy by 109.6% during the 2nd quarter. Millennium Management LLC now owns 1,641,407 shares of the company’s stock valued at $11,441,000 after purchasing an additional 858,471 shares during the last quarter. Caxton Associates LP acquired a new stake in NexGen Energy during the second quarter valued at approximately $367,000. Toronto Dominion Bank lifted its position in shares of NexGen Energy by 24.6% during the 2nd quarter. Toronto Dominion Bank now owns 21,980 shares of the company’s stock worth $153,000 after buying an additional 4,338 shares during the period. Finally, Raffles Associates LP grew its position in NexGen Energy by 17.2% in the second quarter. Raffles Associates LP now owns 170,000 shares of the company’s stock valued at $1,187,000 after acquiring an additional 25,000 shares during the period. Institutional investors 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 100% interest in the Rook I project comprising 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.