Nexa Resources S.A. (NYSE:NEXA) Sees Significant Increase in Short Interest

Nexa Resources S.A. (NYSE:NEXA) was the recipient of a significant increase in short interest in the month of August. As of August 14th, there was short interest totaling 213,844 shares, an increase of 98.7% from the July 30th total of 107,608 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average daily volume of 695,450 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Triumph Capital Management bought a new stake in Nexa Resources in the second quarter worth $395,000. BTG Pactual Asset Management US LLC bought a new position in Nexa Resources in the 2nd quarter worth about $176,000. Two Sigma Securities LLC purchased a new stake in Nexa Resources during the 2nd quarter valued at about $164,000. Kingsview Wealth Management LLC bought a new stake in Nexa Resources during the 2nd quarter valued at about $399,000. Finally, Capstone Investment Advisors LLC purchased a new position in Nexa Resources in the second quarter worth about $374,000.

Analyst Ratings Changes

NEXA has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Nexa Resources from $11.50 to $12.50 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. Bank of America raised their target price on Nexa Resources from $12.00 to $14.00 and gave the stock an “underperform” rating in a research note on Thursday, July 9th. Citigroup upped their price target on Nexa Resources from $12.50 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their target price on Nexa Resources from $7.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, Wall Street Zen lowered shares of Nexa Resources from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 28th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $14.60.

Nexa Resources Stock Down 3.8%

Shares of Nexa Resources stock opened at $13.37 on Friday. Nexa Resources has a 1 year low of $4.79 and a 1 year high of $16.89. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 6.40, a PEG ratio of 0.15 and a beta of 0.94. The company has a 50-day moving average of $13.52 and a 200 day moving average of $13.11. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.80 and a quick ratio of 0.46.

Nexa Resources (NYSE:NEXA) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.07). Nexa Resources had a return on equity of 20.25% and a net margin of 8.02%.The business had revenue of $907.93 million during the quarter, compared to analysts’ expectations of $906.52 million. As a group, sell-side analysts anticipate that Nexa Resources will post 2.59 earnings per share for the current fiscal year.

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.