Nexa Resources (NYSE:NEXA) Shares Up 8.6% – Still a Buy?

Nexa Resources S.A. (NYSE:NEXA) was up 8.6% on Wednesday . The company traded as high as $11.47 and last traded at $11.6880. Approximately 186,011 shares changed 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.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Scotiabank boosted their target price on shares of Nexa Resources from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Monday, November 3rd. Morgan Stanley set a $7.70 price objective on shares of Nexa Resources and gave the stock an “underweight” rating in a report on Monday, December 15th. Wall Street Zen upgraded Nexa Resources to a “buy” rating in a research note on Saturday, November 1st. Citigroup initiated coverage on Nexa Resources in a research report on Tuesday, September 16th. They set a “neutral” rating and a $5.50 target price on the stock. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Nexa Resources in a report on Monday, December 29th. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Nexa Resources presently has a consensus rating of “Reduce” and a consensus target price of $6.67.

Nexa Resources Stock Up 8.5%

The stock’s fifty day simple moving average is $7.67 and its two-hundred day simple moving average is $5.98. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.91 and a quick ratio of 0.60. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -97.28, a PEG ratio of 0.31 and a beta of 0.57.

Nexa Resources (NYSE:NEXA) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates 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 $763.52 million for the quarter, compared to the consensus estimate of $649.86 million. On average, sell-side analysts predict that Nexa Resources S.A. will post 1.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NEXA. Assenagon Asset Management S.A. acquired a new stake in shares of Nexa Resources in the 3rd quarter worth about $57,000. First Affirmative Financial Network bought a new position in Nexa Resources in the 3rd quarter worth about $63,000. Susquehanna International Group LLP acquired a new stake in shares of Nexa Resources in the third quarter valued at approximately $134,000. GSA Capital Partners LLP raised its holdings in shares of Nexa Resources by 7.5% during the third quarter. GSA Capital Partners LLP now owns 35,753 shares of the company’s stock valued at $178,000 after buying an additional 2,504 shares during the last quarter. Finally, Citadel Advisors LLC boosted its position in shares of Nexa Resources by 142.4% during the third quarter. Citadel Advisors LLC now owns 60,287 shares of the company’s stock worth $301,000 after buying an additional 35,411 shares during the period.

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.