NexGen Energy (NYSE:NXE) Short Interest Down 41.8% in March

NexGen Energy (NYSE:NXE) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totaling 44,160,446 shares, a drop of 41.8% from the March 15th total of 75,849,161 shares. Based on an average trading volume of 9,653,658 shares, the short-interest ratio is presently 4.6 days. Approximately 7.1% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NXE shares. Raymond James Financial reaffirmed an “outperform” rating on shares of NexGen Energy in a report on Wednesday, January 14th. Weiss Ratings reissued a “sell (d)” rating on shares of NexGen Energy in a research note on Thursday, January 22nd. Finally, UBS Group started coverage on shares of NexGen Energy in a research note on Thursday, March 5th. They set a “buy” rating on the stock. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, NexGen Energy has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NXE. Norges Bank acquired a new position in shares of NexGen Energy in the fourth quarter worth about $72,303,000. CIBC Asset Management Inc boosted its holdings in shares of NexGen Energy by 341.9% in the fourth quarter. CIBC Asset Management Inc now owns 8,821,855 shares of the company’s stock worth $81,312,000 after buying an additional 6,825,731 shares during the period. Van ECK Associates Corp boosted its holdings in shares of NexGen Energy by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,157,056 shares of the company’s stock worth $268,240,000 after buying an additional 5,523,932 shares during the period. Millennium Management LLC boosted its holdings in shares of NexGen Energy by 97.8% in the third quarter. Millennium Management LLC now owns 10,134,381 shares of the company’s stock worth $90,718,000 after buying an additional 5,011,890 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of NexGen Energy by 15.5% in the fourth quarter. Vanguard Group Inc. now owns 24,657,783 shares of the company’s stock worth $226,901,000 after buying an additional 3,304,071 shares during the period. 42.43% of the stock is currently owned by institutional investors and hedge funds.

NexGen Energy Stock Up 3.3%

NexGen Energy stock traded up $0.39 during trading hours on Wednesday, hitting $12.31. 5,326,523 shares of the company traded hands, compared to its average volume of 7,227,087. The firm has a market cap of $8.14 billion, a P/E ratio of -32.41 and a beta of 1.44. The firm’s 50-day simple moving average is $11.91 and its two-hundred day simple moving average is $10.42. NexGen Energy has a 1-year low of $4.39 and a 1-year high of $13.96.

NexGen Energy (NYSE:NXE) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). On average, equities research analysts predict that NexGen Energy will post -0.05 earnings per share for the current year.

NexGen Energy Company Profile

NexGen Energy is a Canada-based uranium exploration and development company focused on advancing its flagship Rook I project in the Athabasca Basin of northern Saskatchewan. The company’s primary activities include resource delineation, feasibility studies, and permitting for its high-grade Arrow deposit, one of the largest undeveloped uranium discoveries in the region. NexGen’s technical team employs advanced drilling, geophysical and geochemical techniques to expand and define its resource base, with the aim of delivering a robust, low-cost supply of uranium to global nuclear power markets.

The Rook I project sits within one of the world’s most prolific uranium districts, offering excellent infrastructure access, a skilled local workforce and a supportive regulatory regime.