Nexa Resources (NYSE:NEXA) Trading 8.6% Higher – Here’s Why

Nexa Resources S.A. (NYSE:NEXA) shares were up 8.6% during trading on Wednesday . The stock traded as high as $11.47 and last traded at $11.6880. Approximately 186,011 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 745,722 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

NEXA has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price target on Nexa Resources from $6.50 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Morgan Stanley set a $7.70 target price on shares of Nexa Resources and gave the company an “underweight” rating in a research note on Monday, December 15th. Wall Street Zen raised shares of Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Citigroup assumed coverage on shares of Nexa Resources in a report on Tuesday, September 16th. They issued a “neutral” rating and a $5.50 price objective for the company. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Nexa Resources in a report on Monday, December 29th. Six investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Nexa Resources has an average rating of “Reduce” and a consensus price target of $6.67.

Nexa Resources Trading Up 8.5%

The business’s 50-day simple moving average is $7.67 and its 200-day simple moving average is $5.98. 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 company has a market cap of $1.42 billion, a PE ratio of -97.28, a P/E/G ratio of 0.31 and a beta of 0.57.

Nexa Resources (NYSE:NEXA) last announced its quarterly 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 firm had revenue of $763.52 million during the quarter, compared to the consensus estimate of $649.86 million. As a group, analysts expect that Nexa Resources S.A. will post 1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexa Resources

Several large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new stake in shares of Nexa Resources in the third quarter worth $57,000. First Affirmative Financial Network acquired a new stake in Nexa Resources in the 3rd quarter valued at $63,000. Susquehanna International Group LLP acquired a new stake in shares of Nexa Resources during the 3rd quarter worth about $134,000. GSA Capital Partners LLP raised its stake in shares of Nexa Resources by 7.5% in the third quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock valued at $178,000 after acquiring an additional 2,504 shares during the last quarter. Finally, Citadel Advisors LLC boosted its stake in Nexa Resources by 142.4% in the third quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock worth $301,000 after purchasing an additional 35,411 shares in the last quarter.

About Nexa Resources

Nexa Resources SA is a Brazil-based metals and mining company with a primary focus on zinc and copper. Listed on the New York Stock Exchange under the ticker NEXA, the firm develops, extracts and processes mineral resources for industrial applications worldwide. Headquartered in São Paulo, Brazil, Nexa is a leading participant in Latin America’s mining sector with a diversified portfolio of upstream and downstream operations.

The company’s operations span multiple mining and smelting complexes in Brazil’s Minas Gerais and Mato Grosso regions, as well as in Peru’s coastal and Andean zones.