NexGen Energy (NYSE:NXE) Stock Price Up 7.6% – Time to Buy?

NexGen Energy (NYSE:NXE)’s stock price rose 7.6% on Monday . The stock traded as high as $11.20 and last traded at $11.1760. Approximately 6,123,144 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 6,974,532 shares. The stock had previously closed at $10.39.

Analysts Set New Price Targets

Several research firms have commented on NXE. Weiss Ratings restated a “sell (d-)” rating on shares of NexGen Energy in a research report on Tuesday, June 2nd. Wall Street Zen raised NexGen Energy from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Scotiabank reiterated an “outperform” rating on shares of NexGen Energy in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold”.

NexGen Energy Stock Up 4.8%

The company has a market cap of $7.29 billion, a P/E ratio of -27.21 and a beta of 1.40. The company has a 50 day moving average price of $9.73 and a 200-day moving average price of $11.15.

Hedge Funds Weigh In On NexGen Energy

A number of institutional investors and hedge funds have recently bought and sold shares of NXE. Millennium Management LLC raised its position in shares of NexGen Energy by 15.3% during the 1st quarter. Millennium Management LLC now owns 4,101,588 shares of the company’s stock worth $18,407,000 after buying an additional 543,179 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of NexGen Energy by 7.3% in the first quarter. NewEdge Advisors LLC now owns 151,423 shares of the company’s stock valued at $680,000 after acquiring an additional 10,266 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of NexGen Energy by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,986,982 shares of the company’s stock valued at $13,412,000 after acquiring an additional 36,510 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of NexGen Energy during the first quarter valued at approximately $165,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of NexGen Energy by 13.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 705,024 shares of the company’s stock valued at $3,166,000 after acquiring an additional 81,167 shares during the period. Institutional investors own 42.43% of the company’s stock.

About NexGen Energy

NexGen Energy is a Canada-based uranium exploration and development company focused on advancing its flagship Rook I project in the Athabasca Basin of northern Saskatchewan. The company’s primary activities include resource delineation, feasibility studies, and permitting for its high-grade Arrow deposit, one of the largest undeveloped uranium discoveries in the region. NexGen’s technical team employs advanced drilling, geophysical and geochemical techniques to expand and define its resource base, with the aim of delivering a robust, low-cost supply of uranium to global nuclear power markets.

The Rook I project sits within one of the world’s most prolific uranium districts, offering excellent infrastructure access, a skilled local workforce and a supportive regulatory regime.