Nevsun Resources (NSU) Shares Down 1.3%

Nevsun Resources (NYSEAMERICAN:NSU)’s share price dropped 1.3% during trading on Friday . The company traded as low as $2.28 and last traded at $2.36. Approximately 380,224 shares traded hands during trading, a decline of 49% from the average daily volume of 748,799 shares. The stock had previously closed at $2.33.

Separately, Zacks Investment Research raised shares of Nevsun Resources from a “hold” rating to a “buy” rating and set a $2.75 target price on the stock in a research report on Wednesday, January 3rd.

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The company has a market capitalization of $737.59, a PE ratio of -8.43 and a beta of 0.63.

Several large investors have recently modified their holdings of the company. Two Sigma Advisers LP boosted its stake in shares of Nevsun Resources by 39.2% during the fourth quarter. Two Sigma Advisers LP now owns 170,531 shares of the company’s stock valued at $416,000 after purchasing an additional 48,000 shares in the last quarter. Two Sigma Securities LLC bought a new position in shares of Nevsun Resources during the fourth quarter valued at approximately $139,000. Millennium Management LLC boosted its stake in shares of Nevsun Resources by 13.8% during the fourth quarter. Millennium Management LLC now owns 486,104 shares of the company’s stock valued at $1,186,000 after purchasing an additional 58,765 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Nevsun Resources by 40.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 347,847 shares of the company’s stock valued at $849,000 after purchasing an additional 99,334 shares in the last quarter. Finally, Raffles Associates LP boosted its stake in shares of Nevsun Resources by 10.2% during the fourth quarter. Raffles Associates LP now owns 1,077,800 shares of the company’s stock valued at $2,630,000 after purchasing an additional 100,000 shares in the last quarter.

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About Nevsun Resources

Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.

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