NexGen Energy (NYSE:NXE) Upgraded to Sell at Wall Street Zen

Wall Street Zen upgraded shares of NexGen Energy (NYSE:NXE) from a strong sell rating to a sell rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

NXE has been the topic of a number of other research reports. JPMorgan Chase & Co. started coverage on shares of NexGen Energy in a report on Monday, September 21st. They issued an “overweight” rating and a $14.00 price target on the stock. Weiss Ratings restated 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 report on Thursday, September 3rd. They set a “buy” rating for the company. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, NexGen Energy has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

NexGen Energy Stock Performance

NexGen Energy stock opened at $8.14 on Friday. NexGen Energy has a 1 year low of $7.33 and a 1 year high of $13.96. The firm has a 50 day moving average price of $9.61 and a 200 day moving average price of $10.29. The company has a market cap of $5.45 billion, a price-to-earnings ratio of -20.35 and a beta of 1.45.

Institutional Trading of NexGen Energy

Institutional investors have recently modified their holdings of the company. Amundi increased its position in NexGen Energy by 45.0% during the 2nd quarter. Amundi now owns 3,020,476 shares of the company’s stock worth $28,362,000 after purchasing an additional 936,908 shares in the last quarter. Wellington Management Group LLP purchased a new position in NexGen Energy in the second quarter valued at approximately $4,507,000. Bank of America Corp DE acquired a new position in NexGen Energy during the second quarter valued at approximately $13,674,000. Janus Henderson Group PLC lifted its position in NexGen Energy by 107.0% during the first quarter. Janus Henderson Group PLC now owns 799,183 shares of the company’s stock valued at $9,248,000 after buying an additional 413,061 shares in the last quarter. Finally, Ninepoint Partners LP purchased a new stake in NexGen Energy during the second quarter worth approximately $3,333,000. Hedge funds and other institutional investors own 42.43% of the company’s stock.

About NexGen Energy

NexGen Energy Ltd. is a Canadian uranium exploration and development company focused on advancing projects in the Athabasca Basin of Saskatchewan, Canada. The company’s primary asset is the 100%-owned Rook I property, which hosts the Arrow uranium deposit and other discoveries.

NexGen’s main objective is to develop Rook I into a large-scale uranium mining and processing operation. The company conducts exploration, resource evaluation, engineering, environmental assessment and project permitting activities, rather than currently selling uranium or operating a producing mine.