Nevsun Resources (NYSEAMERICAN:NSU) was the target of a large decline in short interest during the month of December. As of December 29th, there was short interest totalling 2,408,292 shares, a decline of 4.3% from the December 15th total of 2,515,954 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average trading volume of 598,657 shares, the days-to-cover ratio is presently 4.0 days.
An institutional investor recently raised its position in Nevsun Resources stock. Allianz Asset Management GmbH lifted its stake in Nevsun Resources (NYSEAMERICAN:NSU) by 2,773.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 390,000 shares of the company’s stock after purchasing an additional 376,427 shares during the quarter. Allianz Asset Management GmbH owned about 0.13% of Nevsun Resources worth $842,000 at the end of the most recent reporting period.
Shares of Nevsun Resources (NYSEAMERICAN:NSU) opened at $2.39 on Friday. Nevsun Resources has a 12 month low of $1.96 and a 12 month high of $3.52. The stock has a market capitalization of $721.90, a P/E ratio of -14.06 and a beta of 0.88.
NSU has been the topic of a number of research reports. Zacks Investment Research raised Nevsun Resources from a “hold” rating to a “buy” rating and set a $2.75 price objective on the stock in a research note on Wednesday, January 3rd. Macquarie raised Nevsun Resources from a “neutral” rating to an “outperform” rating in a research note on Monday, November 13th.
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Nevsun Resources Company Profile
Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.
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