Nexa Resources (NYSE:NEXA) Shares Gap Down – Here’s Why

Nexa Resources S.A. (NYSE:NEXA)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $15.58, but opened at $14.90. Nexa Resources shares last traded at $14.0090, with a volume of 366,743 shares traded.

Analyst Ratings Changes

Several analysts recently weighed in on NEXA shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexa Resources in a report on Monday, July 20th. Citigroup increased their price objective on shares of Nexa Resources from $12.50 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, June 3rd. Morgan Stanley raised their price objective on shares of Nexa Resources from $11.50 to $12.50 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. Zacks Research downgraded shares of Nexa Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Finally, Bank of America increased their target price on Nexa Resources from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, July 9th. Six equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $14.40.

Nexa Resources Trading Down 10.6%

The business’s 50 day simple moving average is $13.54 and its 200 day simple moving average is $13.10. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 6.65, a price-to-earnings-growth ratio of 0.18 and a beta of 0.94. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.80 and a quick ratio of 0.46.

Nexa Resources (NYSE:NEXA) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.07). The company had revenue of $907.93 million for the quarter, compared to analysts’ expectations of $906.52 million. Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%. Research analysts anticipate that Nexa Resources S.A. will post 2.59 EPS for the current year.

Hedge Funds Weigh In On Nexa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Triumph Capital Management acquired a new position in Nexa Resources in the 2nd quarter valued at $395,000. BTG Pactual Asset Management US LLC acquired a new stake in Nexa Resources in the second quarter valued at approximately $176,000. Two Sigma Securities LLC acquired a new position in shares of Nexa Resources during the second quarter worth $164,000. Kingsview Wealth Management LLC acquired a new position in shares of Nexa Resources during the second quarter worth $399,000. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Nexa Resources in the second quarter valued at $374,000.

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.