Nexa Resources (NYSE:NEXA) Stock Price Down 6.6% – Here’s Why

Nexa Resources S.A. (NYSE:NEXA) dropped 6.6% on Tuesday . The stock traded as low as $6.51 and last traded at $6.51. Approximately 21,605 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 155,821 shares. The stock had previously closed at $6.97.

Analyst Ratings Changes

Several brokerages have commented on NEXA. Morgan Stanley raised Nexa Resources from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $7.50 to $7.80 in a research report on Thursday, December 12th. Scotiabank upped their price target on shares of Nexa Resources from $5.75 to $7.00 and gave the stock a “sector underperform” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.56.

Nexa Resources Stock Performance

The company has a quick ratio of 0.76, a current ratio of 1.13 and a debt-to-equity ratio of 1.39. The firm has a 50 day moving average price of $7.89 and a 200 day moving average price of $7.38. The stock has a market cap of $916.48 million, a PE ratio of -4.58 and a beta of 1.48.

Institutional Inflows and Outflows

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

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.