NexGen Energy (NYSE:NXE) Shares Gap Up – Still a Buy?

NexGen Energy Ltd. (NYSE:NXE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.92, but opened at $8.15. NexGen Energy shares last traded at $8.48, with a volume of 2,231,627 shares.

Analysts Set New Price Targets

Separately, National Bank Financial upgraded shares of NexGen Energy to a “strong-buy” rating in a research note on Tuesday, September 3rd. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average price target of $11.00.

NexGen Energy Price Performance

The company’s 50 day simple moving average is $6.98 and its two-hundred day simple moving average is $6.85. The stock has a market capitalization of $4.77 billion, a P/E ratio of 56.53 and a beta of 1.90.

NexGen Energy (NYSE:NXE) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). During the same quarter last year, the business earned ($0.04) EPS. On average, research analysts anticipate that NexGen Energy Ltd. will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NexGen Energy

Several institutional investors have recently modified their holdings of NXE. Larson Financial Group LLC acquired a new position in NexGen Energy in the second quarter valued at about $33,000. DekaBank Deutsche Girozentrale acquired a new position in shares of NexGen Energy in the 3rd quarter valued at approximately $76,000. SevenBridge Financial Group LLC acquired a new stake in NexGen Energy during the 3rd quarter worth approximately $87,000. New Harbor Financial Group LLC lifted its stake in NexGen Energy by 20.0% in the third quarter. New Harbor Financial Group LLC now owns 15,000 shares of the company’s stock valued at $98,000 after buying an additional 2,500 shares in the last quarter. Finally, Element Capital Management LLC acquired a new position in shares of NexGen Energy in the second quarter valued at approximately $110,000. 42.43% of the stock is currently owned by institutional investors and hedge funds.

NexGen Energy Company Profile

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.