NexGen Energy (NYSE:NXE) Shares Gap Up - Should You Buy?

NexGen Energy Ltd. (NYSE:NXE - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.27, but opened at $7.57. NexGen Energy shares last traded at $7.49, with a volume of 742,778 shares trading hands.

Analysts Set New Price Targets

Several research firms recently weighed in on NXE. National Bank Financial raised NexGen Energy to a "strong-buy" rating in a research report on Tuesday, September 3rd. Ventum Cap Mkts raised NexGen Energy to a "strong-buy" rating in a research report on Monday, July 8th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Strong Buy" and a consensus target price of $11.00.

NexGen Energy Stock Up 10.5 %

The firm has a 50-day moving average of $6.16 and a two-hundred day moving average of $6.93. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of -793.00 and a beta of 1.91.

NexGen Energy (NYSE:NXE - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. During the same period last year, the business earned ($0.03) earnings per share. As a group, sell-side analysts predict that NexGen Energy Ltd. will post -0.09 EPS for the current year.

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Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NXE. Larson Financial Group LLC acquired a new position in NexGen Energy in the 2nd quarter worth about $33,000. Lodestone Wealth Management LLC acquired a new position in NexGen Energy in the 1st quarter worth about $91,000. Element Capital Management LLC acquired a new position in NexGen Energy in the 2nd quarter worth about $110,000. Legacy Capital Group California Inc. bought a new stake in shares of NexGen Energy during the 2nd quarter worth about $125,000. Finally, CapWealth Advisors LLC bought a new stake in shares of NexGen Energy during the 2nd quarter worth about $147,000. 42.43% of the stock is owned by institutional investors and hedge funds.

About NexGen Energy

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds 100% interest in the Rook I project comprising 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.