Nevsun Resources (NYSEAMERICAN:NSU) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 711,067 shares, a drop of 19.1% from the October 15th total of 878,939 shares. Based on an average daily trading volume, of 407,920 shares, the days-to-cover ratio is presently 1.7 days.
Several hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank grew its position in shares of Nevsun Resources by 2.4% during the third quarter. Swiss National Bank now owns 535,800 shares of the company’s stock worth $2,368,000 after buying an additional 12,800 shares in the last quarter. BlackRock Inc. boosted its holdings in Nevsun Resources by 140.0% in the second quarter. BlackRock Inc. now owns 40,858 shares of the company’s stock worth $142,000 after purchasing an additional 23,835 shares during the period. Renaissance Technologies LLC boosted its holdings in Nevsun Resources by 1.6% in the second quarter. Renaissance Technologies LLC now owns 1,801,200 shares of the company’s stock worth $6,252,000 after purchasing an additional 28,400 shares during the period. Jane Street Group LLC boosted its holdings in Nevsun Resources by 275.0% in the first quarter. Jane Street Group LLC now owns 52,464 shares of the company’s stock worth $125,000 after purchasing an additional 38,473 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Nevsun Resources in the second quarter worth $237,000.
Shares of NSU stock traded up $0.02 during mid-day trading on Friday, reaching $4.48. 349,685 shares of the company were exchanged, compared to its average volume of 817,921. Nevsun Resources has a fifty-two week low of $2.00 and a fifty-two week high of $4.53.
Nevsun Resources (NYSEAMERICAN:NSU) last released its quarterly earnings results on Thursday, October 25th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The firm had revenue of $71.61 million for the quarter.
A number of analysts have recently weighed in on NSU shares. Zacks Investment Research downgraded shares of Nevsun Resources from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Scotiabank downgraded shares of Nevsun Resources from an “outperform” rating to a “sector perform” rating in a research report on Friday, September 7th. Canaccord Genuity downgraded shares of Nevsun Resources from a “buy” rating to a “hold” rating in a research report on Thursday, October 11th. Finally, TheStreet raised shares of Nevsun Resources from a “d+” rating to a “c-” rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $2.75.
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Nevsun Resources Company Profile
Nevsun Resources Ltd. engages in the mining and development of mineral properties in Europe, Africa, and North America. It explores for gold, copper, zinc, and silver deposits. The company's principal assets include Timok project, a copper-gold development project in Serbia; and Bisha copper- zinc mine in Eritrea.
See Also: Book Value Per Share – BVPS
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