NexGen Energy (NYSEAMERICAN:NXE) Stock Pulls Back From The Recent Jump
This past week, the NexGen Energy (NYSEAMERICAN:NXE) stock was one of the notable laggards and ended the week with a decline of as much as 4%.
Market Stats
On Friday, NXE stock fell 2% at $5.79 with more than 2.27 million shares, compared to its average volume of 2.81 million shares. The stock has moved within a range of $5.71 – 6.04 after opening trading at $5.91.
Recent Development
However, at the same time, it is also necessary to point out that this past Friday, the stock received a significant boost after Brian MacArthur, who is an analyst at the firm Raymond James, maintained his rating of ‘buy’ for the stock. However, that was not all. He raised the price target to C$8.5 a share as well and that reflected a raise of much as 14.24% from the current target price of C$5.91 a share for the stock.
The analyst noted that he believes that the company is going to generating earnings per share of negative $0.04 a share in the fourth fiscal quarter of 2021. In addition to that maintenance of the buy rating from MacArthur, it is important for investors to keep in mind that at this point in time there is a strong buy rating for the NexGen Energy stock among as many as 4 analysts at TipRanks.
In addition to that, the average price target set by the four analysts stands at $7.05 a share. It might be a good time for investors to add the NexGen stock to their watch lists.
Traders Corner
NXE stock is above the 200-Day and 50-Day Moving averages of $4.41 and $5.53 respectively. However, the stock is trading below the 20-Day moving average of $5.86. The stock is up 43% in the past 3-month.
