Nexa Resources (NYSE:NEXA) Sees Strong Trading Volume – What’s Next?

Nexa Resources S.A. (NYSE:NEXA) shares saw unusually-strong trading volume on Monday . Approximately 98,791 shares changed hands during mid-day trading, an increase of 34% from the previous session’s volume of 73,921 shares.The stock last traded at $8.0550 and had previously closed at $7.97.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NEXA. JPMorgan Chase & Co. increased their target price on shares of 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 price objective on Nexa Resources and gave the company an “underweight” rating in a research note on Monday. Scotiabank increased their price objective on Nexa Resources from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Monday, November 3rd. Wall Street Zen raised Nexa Resources to a “buy” rating in a report on Saturday, November 1st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a research note on Monday. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $6.67.

Nexa Resources Stock Up 1.3%

The company has a quick ratio of 0.60, a current ratio of 0.91 and a debt-to-equity ratio of 1.37. The firm has a fifty day moving average price of $6.23 and a 200-day moving average price of $5.38. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -64.54, a PEG ratio of 0.44 and a beta of 0.64.

Nexa Resources (NYSE:NEXA) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.14). Nexa Resources had a negative return on equity of 8.80% and a negative net margin of 0.57%.The business had revenue of $763.52 million during the quarter, compared to the consensus estimate of $649.86 million. As a group, sell-side analysts forecast that Nexa Resources S.A. will post 1.03 EPS for the current year.

Institutional Trading of Nexa Resources

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

About Nexa Resources

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.