NexGen Energy (NYSE:NXE) Trading Up 5.6% – Still a Buy?

NexGen Energy Ltd. (NYSE:NXE) was up 5.6% during trading on Wednesday . The company traded as high as $4.80 and last traded at $4.80. Approximately 3,864,131 shares traded hands during trading, a decline of 61% from the average daily volume of 9,913,725 shares. The stock had previously closed at $4.54.

Analysts Set New Price Targets

NXE has been the subject of several research analyst reports. Raymond James reaffirmed an “outperform” rating on shares of NexGen Energy in a research report on Friday, April 4th. Stifel Nicolaus initiated coverage on NexGen Energy in a research report on Wednesday, March 12th. They issued a “buy” rating on the stock. Scotiabank reissued an “outperform” rating on shares of NexGen Energy in a research report on Thursday, March 6th. Finally, Stifel Canada upgraded NexGen Energy to a “strong-buy” rating in a report on Tuesday, March 11th. Three analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy”.

NexGen Energy Price Performance

The business’s fifty day simple moving average is $5.07 and its 200 day simple moving average is $6.55. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 31.07 and a beta of 2.02.

Institutional Investors Weigh In On NexGen Energy

A number of institutional investors have recently modified their holdings of NXE. Public Employees Retirement System of Ohio acquired a new position in NexGen Energy in the third quarter valued at approximately $852,000. Barclays PLC boosted its position in NexGen Energy by 328.3% during the 3rd quarter. Barclays PLC now owns 187,861 shares of the company’s stock valued at $1,227,000 after purchasing an additional 143,996 shares during the period. Toronto Dominion Bank grew its stake in NexGen Energy by 719.6% during the 3rd quarter. Toronto Dominion Bank now owns 180,140 shares of the company’s stock worth $1,176,000 after buying an additional 158,160 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in NexGen Energy in the third quarter valued at $98,000. Finally, Harbour Capital Advisors LLC acquired a new position in shares of NexGen Energy during the fourth quarter valued at $413,000. 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.