Nevsun Resources (NSU) Short Interest Down 19.1% in October

Nevsun Resources (NYSEAMERICAN:NSU) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 711,067 shares, a decline 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 currently 1.7 days.

Shares of NSU opened at $4.48 on Friday. Nevsun Resources has a 52-week low of $2.00 and a 52-week high of $4.53.

Nevsun Resources (NYSEAMERICAN:NSU) last issued its quarterly earnings data on Thursday, October 25th. The company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.07). The business had revenue of $71.61 million during the quarter.

NSU has been the subject of a number of research analyst reports. Zacks Investment Research raised Nevsun Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, October 11th. TheStreet raised Nevsun Resources from a “d+” rating to a “c-” rating in a report on Tuesday, July 31st. Canaccord Genuity downgraded Nevsun Resources from a “buy” rating to a “hold” rating in a report on Thursday, October 11th. Finally, Scotiabank downgraded Nevsun Resources from an “outperform” rating to a “sector perform” rating in a report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Nevsun Resources currently has an average rating of “Hold” and an average target price of $2.75.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Alpine Associates Management Inc. purchased a new stake in Nevsun Resources in the third quarter valued at approximately $25,427,000. Renaissance Technologies LLC lifted its stake in Nevsun Resources by 1.6% in the second quarter. Renaissance Technologies LLC now owns 1,801,200 shares of the company’s stock valued at $6,252,000 after buying an additional 28,400 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Nevsun Resources by 233.9% in the third quarter. JPMorgan Chase & Co. now owns 1,763,027 shares of the company’s stock valued at $7,810,000 after buying an additional 1,235,084 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Nevsun Resources by 31.7% in the first quarter. Allianz Asset Management GmbH now owns 884,576 shares of the company’s stock valued at $2,106,000 after buying an additional 213,088 shares during the last quarter. Finally, Millennium Management LLC lifted its stake 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 buying an additional 378,756 shares during the last quarter.

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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.

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