Nexa Resources (NYSE:NEXA) Shares Down 6.6% - Here's What Happened

Shares of Nexa Resources S.A. (NYSE:NEXA - Get Free Report) dropped 6.6% during trading on Tuesday . The stock traded as low as $6.51 and last traded at $6.51. Approximately 21,605 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 155,821 shares. The stock had previously closed at $6.97.

Wall Street Analysts Forecast Growth

NEXA has been the subject of several research reports. Scotiabank raised their target price on Nexa Resources from $5.75 to $7.00 and gave the stock a "sector underperform" rating in a research report on Monday. Morgan Stanley upgraded Nexa Resources from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $7.50 to $7.80 in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Nexa Resources currently has an average rating of "Hold" and a consensus price target of $7.56.

Nexa Resources Stock Down 5.0 %

The stock has a market capitalization of $876.75 million, a price-to-earnings ratio of -4.38 and a beta of 1.48. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.13 and a quick ratio of 0.76. The firm has a 50 day simple moving average of $7.94 and a 200-day simple moving average of $7.39.

Institutional Trading of Nexa Resources

An institutional investor recently raised its position in Nexa Resources stock. Renaissance Technologies LLC grew its holdings in Nexa Resources S.A. (NYSE:NEXA - Free Report) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 341,792 shares of the company's stock after buying an additional 12,092 shares during the quarter. Renaissance Technologies LLC owned approximately 0.26% of Nexa Resources worth $2,611,000 at the end of the most recent reporting period.

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.