NexGen Energy (NYSE:NXE) Shares Up 6.2% – Should You Buy?

NexGen Energy (NYSE:NXE)’s stock price 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 session volume of 6,520,418 shares. The stock had previously closed at $9.07.

Analyst Ratings Changes

NXE has been the topic of a number of recent research reports. JPMorgan Chase & Co. started coverage on NexGen Energy in a research note on Monday, September 21st. They issued an “overweight” rating and a $14.00 target price on the stock. 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 reiterated a “sell (d-)” rating on shares of NexGen Energy in a report on Friday, August 28th. Finally, Jefferies Financial Group initiated coverage on NexGen Energy in a research note on Thursday, September 3rd. They issued a “buy” rating for the company. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, NexGen Energy presently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

NexGen Energy Stock Performance

The company has a market cap of $6.02 billion, a P/E ratio of -22.49 and a beta of 1.45. The firm has a 50 day moving average price of $10.00 and a 200-day moving average price of $10.55.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Leonteq Securities AG boosted its stake in NexGen Energy by 88.2% during the 1st quarter. Leonteq Securities AG now owns 2,343 shares of the company’s stock valued at $28,000 after purchasing an additional 1,098 shares during the period. Trifecta Capital Advisors LLC acquired a new stake in shares of NexGen Energy in the second quarter worth $46,000. Integrated Wealth Concepts LLC bought a new position in NexGen Energy during the second quarter worth $62,000. Lifetime Wealth Management P.C. bought a new position in NexGen Energy during the second quarter worth $94,000. Finally, Fiduciary Financial Advisors acquired a new position in NexGen Energy during the 2nd quarter valued at $100,000. Institutional investors and hedge funds 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.