NexGen Energy Ltd. [NXE] is -11.96% lower this YTD. Is it still time to buy?

NexGen Energy Ltd. [NYSE: NXE] stock went on a downward path that fall over -0.76% on Thursday, amounting to a one-week price decrease of less than -10.96%. The company report on February 8, 2023 that NexGen Announces Expanded 2023 Exploration Program.

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NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the commencement of an expanded 2023 exploration program designed to follow-up positive results from the 2022 exploration drill program and to test prospective areas that have been highlighted by detailed 2022 geophysical surveys. Additionally, NexGen has planned a substantial geophysical program in 2023 for drill target generation across high priority areas of NexGen’s mineral tenure (SW1, SW2 and SW3) in the southwest Athabasca Basin, Saskatchewan. The geophysical program includes cosmic ray muon tomography initiated in 2022 on the Patterson Corridor at NexGen’s 100% owned Rook I property as part of Ideon Technologies’ early access program for first implementation of innovative muon detecting instrumentation in boreholes.

Leigh Curyer, Chief Executive Officer, commented: “Through exploration drilling and strategic geophysical surveys, NexGen is progressing high priority targets to advance towards the discovery of additional material mineralization.   The focus of this expanded exploration program is to test for new “Arrow-type” mineralized zones across our dominant land position in the southwest Athabasca Basin. The application of muon tomography in 2022 is another example of NexGen’s identification and application of industry leading techniques which focuses on further optimization of drilling time, cost, and elite environmental management.

Over the last 12 months, NXE stock dropped by -27.10%. The one-year NexGen Energy Ltd. stock forecast points to a potential upside of 21.53. The average equity rating for NXE stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.54 billion, with 480.57 million shares outstanding and 397.45 million shares in the current float. Compared to the average trading volume of 2.34M shares, NXE stock reached a trading volume of 2736605 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on NexGen Energy Ltd. [NXE]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NXE shares is $4.97 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NXE stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

RBC Capital Mkts have made an estimate for NexGen Energy Ltd. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 11, 2022. The new note on the price target was released on June 23, 2021, representing the official price target for NexGen Energy Ltd. stock.

The Average True Range (ATR) for NexGen Energy Ltd. is set at 0.18 The Price to Book ratio for the last quarter was 4.48, with the Price to Cash per share for the same quarter was set at 0.22.

NXE Stock Performance Analysis:

NexGen Energy Ltd. [NXE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.96. With this latest performance, NXE shares dropped by -14.85% in over the last four-week period, additionally sinking by -7.14% over the last 6 months – not to mention a drop of -27.10% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NXE stock in for the last two-week period is set at 32.17, with the RSI for the last a single of trading hit 26.41, and the three-weeks RSI is set at 36.89 for NexGen Energy Ltd. [NXE]. The present Moving Average for the last 50 days of trading for this stock 4.49, while it was recorded at 4.09 for the last single week of trading, and 4.21 for the last 200 days.

Insight into NexGen Energy Ltd. Fundamentals:

Return on Equity for this stock declined to -13.29, with Return on Assets sitting at -10.28.

NexGen Energy Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.70 and a Current Ratio set at 8.70.

NexGen Energy Ltd. [NXE] Insider Position Details

There are presently around $503 million, or 33.68% of NXE stock, in the hands of institutional investors. The top three institutional holders of NXE stocks are: MIRAE ASSET GLOBAL INVESTMENTS CO., LTD. with ownership of 21,262,570, which is approximately -2.654% of the company’s market cap and around 15.95% of the total institutional ownership; ALPS ADVISORS INC, holding 10,521,878 shares of the stock with an approximate value of $41.03 million in NXE stocks shares; and SEGRA CAPITAL MANAGEMENT, LLC, currently with $38.31 million in NXE stock with ownership of nearly 10.029% of the company’s market capitalization.

Positions in NexGen Energy Ltd. stocks held by institutional investors increased at the end of Sunday and at the time of the Sunday reporting period, where 65 institutional holders increased their position in NexGen Energy Ltd. [NYSE:NXE] by around 17,443,545 shares. Additionally, 57 investors decreased positions by around 10,855,647 shares, while 25 investors held positions by with 100,780,914 shares. The mentioned changes placed institutional holdings at 129,080,106 shares, according to the latest SEC report filing. NXE stock had 25 new institutional investments in for a total of 6,566,516 shares, while 14 institutional investors sold positions of 2,281,629 shares during the same period.


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