Nexa Resources (NYSE:NEXA) Shares Gap Up – Time to Buy?

Nexa Resources S.A. (NYSE:NEXA) gapped up prior to trading on Thursday . The stock had previously closed at $8.80, but opened at $9.36. Nexa Resources shares last traded at $9.08, with a volume of 61,603 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on NEXA shares. Scotiabank dropped their target price on Nexa Resources from $6.00 to $5.75 and set a “sector underperform” rating on the stock in a report on Monday, November 4th. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $7.50 to $7.80 in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.31.

Nexa Resources Stock Performance

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 stock has a 50-day moving average price of $7.95 and a 200-day moving average price of $7.40. The company has a market capitalization of $933.70 million, a price-to-earnings ratio of -4.67 and a beta of 1.52.

Hedge Funds Weigh In On Nexa Resources

A hedge fund recently raised its stake in Nexa Resources stock. Renaissance Technologies LLC raised its stake in Nexa Resources S.A. (NYSE:NEXA) by 3.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 341,792 shares of the company’s stock after acquiring an additional 12,092 shares during the quarter. Renaissance Technologies LLC owned about 0.26% of Nexa Resources worth $2,611,000 at the end of the most recent reporting period.

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.