The Manufacturers Life Insurance Company Trims Stock Position in NexGen Energy $NXE

The Manufacturers Life Insurance Company cut its stake in shares of NexGen Energy (NYSE:NXE) by 16.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,672,514 shares of the company’s stock after selling 940,965 shares during the period. The Manufacturers Life Insurance Company’s holdings in NexGen Energy were worth $54,113,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NXE. Leonteq Securities AG increased its holdings in shares of NexGen Energy by 88.2% in the first quarter. Leonteq Securities AG now owns 2,343 shares of the company’s stock valued at $28,000 after purchasing an additional 1,098 shares during the period. SBI Securities Co. Ltd. raised its stake in shares of NexGen Energy by 454.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 7,965 shares of the company’s stock worth $73,000 after purchasing an additional 6,528 shares during the last quarter. Tcfg Wealth Management LLC acquired a new stake in shares of NexGen Energy during the first quarter worth $116,000. Jump Financial LLC acquired a new stake in shares of NexGen Energy during the fourth quarter worth $93,000. Finally, First Trust Advisors LP purchased a new position in NexGen Energy in the 3rd quarter valued at $94,000. 42.43% of the stock is owned by institutional investors and hedge funds.

NexGen Energy Price Performance

NXE opened at $8.91 on Thursday. The business has a 50 day simple moving average of $9.99 and a 200-day simple moving average of $11.30. The stock has a market capitalization of $5.97 billion, a P/E ratio of -18.19 and a beta of 1.39. NexGen Energy has a 12 month low of $6.26 and a 12 month high of $13.96.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NXE. Weiss Ratings reissued a “sell (d-)” rating on shares of NexGen Energy in a research note on Tuesday, June 2nd. Scotiabank reaffirmed an “outperform” rating on shares of NexGen Energy in a report on Friday, May 8th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

NexGen Energy Profile

NexGen Energy is a Canada-based uranium exploration and development company focused on advancing its flagship Rook I project in the Athabasca Basin of northern Saskatchewan. The company’s primary activities include resource delineation, feasibility studies, and permitting for its high-grade Arrow deposit, one of the largest undeveloped uranium discoveries in the region. NexGen’s technical team employs advanced drilling, geophysical and geochemical techniques to expand and define its resource base, with the aim of delivering a robust, low-cost supply of uranium to global nuclear power markets.

The Rook I project sits within one of the world’s most prolific uranium districts, offering excellent infrastructure access, a skilled local workforce and a supportive regulatory regime.