NexGen Energy (NYSE:NXE) Trading 3.9% Higher – Time to Buy?

Shares of NexGen Energy Ltd. (NYSE:NXE) traded up 3.9% on Friday . The stock traded as high as $7.76 and last traded at $7.67. 2,350,210 shares were traded during mid-day trading, a decline of 59% from the average session volume of 5,696,898 shares. The stock had previously closed at $7.38.

Analysts Set New Price Targets

Separately, National Bank Financial upgraded NexGen Energy to a “strong-buy” rating in a research report on Tuesday, September 3rd. Two investment 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, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $11.00.

NexGen Energy Stock Performance

The company has a market cap of $4.17 billion, a price-to-earnings ratio of 49.20 and a beta of 1.90. The stock’s 50-day moving average is $6.93 and its 200-day moving average is $6.87.

NexGen Energy (NYSE:NXE) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.01). During the same quarter in the previous year, the company earned ($0.04) EPS. As a group, analysts predict that NexGen Energy Ltd. will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. L1 Capital Pty Ltd lifted its position in NexGen Energy by 6.3% in the 1st quarter. L1 Capital Pty Ltd now owns 24,083,310 shares of the company’s stock valued at $187,127,000 after acquiring an additional 1,423,317 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of NexGen Energy by 5,020.5% in the first quarter. Vanguard Group Inc. now owns 16,222,256 shares of the company’s stock worth $126,047,000 after purchasing an additional 15,905,444 shares during the last quarter. Segra Capital Management LLC lifted its holdings in shares of NexGen Energy by 19.8% in the third quarter. Segra Capital Management LLC now owns 11,671,758 shares of the company’s stock valued at $76,217,000 after purchasing an additional 1,931,200 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of NexGen Energy by 792.0% during the third quarter. The Manufacturers Life Insurance Company now owns 7,115,250 shares of the company’s stock valued at $46,434,000 after buying an additional 6,317,538 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in NexGen Energy by 50.5% during the third quarter. Van ECK Associates Corp now owns 4,718,270 shares of the company’s stock worth $30,810,000 after buying an additional 1,582,705 shares in the last quarter. 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 a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.