Nexa Resources (NYSE:NEXA) Shares Gap Up – Here’s Why

Nexa Resources S.A. (NYSE:NEXA)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $5.61, but opened at $6.10. Nexa Resources shares last traded at $6.04, with a volume of 384,336 shares.

Wall Street Analyst Weigh In

Several research firms have commented on NEXA. Weiss Ratings reissued a “sell (d+)” rating on shares of Nexa Resources in a research report on Tuesday. Wall Street Zen upgraded Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Scotiabank raised their target price on Nexa Resources from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Monday, November 3rd. Citigroup started coverage on Nexa Resources in a report on Tuesday, September 16th. They issued a “neutral” rating and a $5.50 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nexa Resources from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Friday, October 17th. Five investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $6.29.

Nexa Resources Trading Up 11.4%

The company has a current ratio of 0.91, a quick ratio of 0.60 and a debt-to-equity ratio of 1.37. The business has a 50 day simple moving average of $5.24 and a two-hundred day simple moving average of $5.09. The stock has a market cap of $828.01 million, a price-to-earnings ratio of -51.91 and a beta of 0.84.

Nexa Resources (NYSE:NEXA) last released its earnings results on Thursday, October 30th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.14). Nexa Resources had a negative net margin of 0.57% and a negative return on equity of 8.80%. The business had revenue of $763.50 million for the quarter, compared to analysts’ expectations of $649.86 million. As a group, equities analysts anticipate that Nexa Resources S.A. will post 1.03 EPS for the current year.

Institutional Investors Weigh In On Nexa Resources

An institutional investor recently raised its position in Nexa Resources stock. GSA Capital Partners LLP lifted its stake in shares of Nexa Resources S.A. (NYSE:NEXA) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,753 shares of the company’s stock after purchasing an additional 2,504 shares during the period. GSA Capital Partners LLP’s holdings in Nexa Resources were worth $178,000 as of its most recent filing with the SEC.

Nexa Resources Company Profile

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.