Nevsun Resources (NYSEAMERICAN:NSU) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,598,576 shares, a growth of 29.6% from the August 15th total of 1,233,174 shares. Based on an average daily volume of 440,579 shares, the short-interest ratio is currently 3.6 days.
Several hedge funds have recently made changes to their positions in NSU. Millennium Management LLC boosted its holdings in Nevsun Resources by 77.9% in the first quarter. Millennium Management LLC now owns 864,860 shares of the company’s stock valued at $2,058,000 after acquiring an additional 378,756 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new position in Nevsun Resources in the second quarter valued at about $2,764,000. Toronto Dominion Bank boosted its holdings in Nevsun Resources by 906.0% in the first quarter. Toronto Dominion Bank now owns 1,388,048 shares of the company’s stock valued at $3,293,000 after acquiring an additional 1,250,075 shares during the last quarter. Passport Capital LLC bought a new position in Nevsun Resources in the first quarter valued at about $4,486,000. Finally, PCJ Investment Counsel Ltd. bought a new position in Nevsun Resources in the second quarter valued at about $699,000.
Several brokerages have recently commented on NSU. Scotiabank cut Nevsun Resources from an “outperform” rating to a “sector perform” rating in a report on Friday, September 7th. Zacks Investment Research upgraded Nevsun Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 16th. Finally, TheStreet upgraded Nevsun Resources from a “d+” rating to a “c-” rating in a report on Tuesday, July 31st.
Shares of NSU stock traded up $0.03 during trading hours on Wednesday, hitting $4.45. 2,099,409 shares of the company’s stock were exchanged, compared to its average volume of 863,373. Nevsun Resources has a 52 week low of $1.98 and a 52 week high of $4.46.
Nevsun Resources (NYSEAMERICAN:NSU) last announced its earnings results on Thursday, July 26th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $76.41 million for the quarter. Nevsun Resources had a negative return on equity of 18.80% and a negative net margin of 43.87%.
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.
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