Time to Buy Nevsun Resources After Today’s Huge Increase?

Entrance to Bisha mine in Eritrea

By David Hannula | March 22, 2016

The stock of Nevsun Resources (TSE:NSU) is a huge mover today! The stock is up 2.51% or $0.11 after the news, hitting $4.5 per share. About 51,977 shares traded hands. Nevsun Resources (TSE:NSU) has risen 12.85% since August 14, 2015 and is uptrending. It has outperformed by 14.76% the S&P500. The move comes after 7 months positive chart setup for the $875.10M company. It was reported on Mar, 22 by Barchart.com. We have $7.25 PT which if reached, will make TSE:NSU worth $533.81 million more.

Out of 11 analysts covering Nevsun Resources (TSE:NSU), 5 rate it “Buy”, 0 “Sell”, while 6 “Hold”. This means 45% are positive. $4.2 is the highest target while $2.51 is the lowest. The $3.61 average target is 5.78% above today’s ($4.5) stock price. Nevsun Resources was the topic in 9 analyst reports since July 24, 2015 according to StockzIntelligence Inc.

Nevsun Resources Ltd. is engaged in the acquisition, exploration, development and operation of mineral property interests. The company has a market cap of $875.10 million. The Company’s principal mining operation is the Bisha Mine and the Company’s principal mineral property is the Bisha property, which is owned by Bisha Mining Share Company (BMSC). It has 30.41 P/E ratio. The Company’s wholly owned subsidiaries include Nevsun (Barbados) Holdings Ltd., Nevsun Africa (Barbados) Ltd. and Nevsun Resources (Eritrea) Ltd. 

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