Nexa Resources (NYSE:NEXA) Shares Gap Up – Time to Buy?

Nexa Resources S.A. (NYSE:NEXA)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $8.09, but opened at $8.38. Nexa Resources shares last traded at $8.38, with a volume of 1,675 shares traded.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $7.50 to $7.80 in a research report on Thursday, December 12th. Scotiabank reduced their price objective on shares of Nexa Resources from $6.00 to $5.75 and set a “sector underperform” rating for the company in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.31.

Nexa Resources Trading Down 6.0 %

The stock’s 50-day simple moving average is $7.82 and its 200 day simple moving average is $7.36. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.13 and a quick ratio of 0.76.

Hedge Funds Weigh In On Nexa Resources

An institutional investor recently raised its position in Nexa Resources stock. Renaissance Technologies LLC grew its stake in Nexa Resources S.A. (NYSE:NEXA) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 341,792 shares of the company’s stock after acquiring an additional 12,092 shares during the period. Renaissance Technologies LLC owned 0.26% of Nexa Resources worth $2,611,000 as of its most recent filing with the Securities and Exchange Commission.

About Nexa Resources

Nexa Resources SA, together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces zinc, zamac, zinc oxide, and zincal, as well as by-products, such as copper, lead, silver, gold, copper sulfate, sulfuric acid, copper cementum, silver concentrate, slag aggregates, and cadmium/sponge deposits.