Nexa Resources (NYSE:NEXA) Shares Gap Up – Still a Buy?

Nexa Resources S.A. (NYSE:NEXA)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $8.85, but opened at $9.16. Nexa Resources shares last traded at $9.12, with a volume of 114,397 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NEXA. JPMorgan Chase & Co. boosted their price objective on shares of Nexa Resources from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Friday, October 17th. Scotiabank raised their target price on Nexa Resources from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Monday, November 3rd. Wall Street Zen raised shares of Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Citigroup initiated coverage on Nexa Resources in a report on Tuesday, September 16th. They issued a “neutral” rating and a $5.50 price target for the company. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Nexa Resources in a research note on Monday. Six equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $6.67.

Nexa Resources Stock Up 4.5%

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -77.08, a P/E/G ratio of 0.43 and a beta of 0.64. The business’s 50-day moving average is $6.65 and its two-hundred day moving average is $5.54. 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 (NYSE:NEXA) last posted its earnings results on Thursday, October 30th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.14). Nexa Resources had a negative return on equity of 8.80% and a negative net margin of 0.57%.The firm had revenue of $763.52 million during the quarter, compared to analyst estimates of $649.86 million. On average, equities analysts anticipate that Nexa Resources S.A. will post 1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new stake in shares of Nexa Resources during the third quarter worth $57,000. First Affirmative Financial Network acquired a new position in Nexa Resources in the 3rd quarter worth $63,000. Susquehanna International Group LLP acquired a new position in Nexa Resources in the 3rd quarter worth $134,000. GSA Capital Partners LLP increased its holdings in Nexa Resources by 7.5% during the 3rd 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 in the last quarter. Finally, Citadel Advisors LLC raised its stake in shares of Nexa Resources by 142.4% in 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 during the period.

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.