NexMetals Mining (NASDAQ:NEXM) Trading Down 2.8% – Here’s What Happened

Shares of NexMetals Mining Corp. (NASDAQ:NEXM) were down 2.8% on Wednesday . The company traded as low as $3.74 and last traded at $3.86. Approximately 65,704 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 102,020 shares. The stock had previously closed at $3.97.

Analyst Ratings Changes

NEXM has been the subject of several recent analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of NexMetals Mining in a report on Monday, December 29th. Zacks Research raised shares of NexMetals Mining from a “strong sell” rating to a “hold” rating in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, NexMetals Mining has a consensus rating of “Reduce”.

NexMetals Mining Trading Down 2.8%

The company has a market cap of $136.99 million and a PE ratio of -3.68. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.05. The business has a fifty day moving average of $3.89.

NexMetals Mining (NASDAQ:NEXM) last announced its earnings results on Thursday, November 13th. The company reported ($0.54) EPS for the quarter.

Hedge Funds Weigh In On NexMetals Mining

Hedge funds have recently made changes to their positions in the business. Villere ST Denis J & Co. LLC grew its holdings in NexMetals Mining by 64.7% during the fourth quarter. Villere ST Denis J & Co. LLC now owns 76,400 shares of the company’s stock worth $299,000 after purchasing an additional 30,000 shares during the period. Bank of America Corp DE acquired a new stake in shares of NexMetals Mining during the third quarter worth $2,052,000. Finally, Cibc World Market Inc. bought a new stake in NexMetals Mining in the third quarter worth approximately $193,000.

About NexMetals Mining

North American Nickel Inc operates as a mineral exploration and resource development company. The company engages in the exploration and development of mineral properties in Morocco and Canada, as well as in Botswana. Its principal asset is the Maniitsoq nickel-copper-cobalt-precious metal sulphide project covering an area of 3,048 square kilometers located in southwest Greenland. The company was formerly known as Widescope Resources Inc and changed its name to North American Nickel Inc in April 2010.