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The Ledger Gazette / Nevsun Resources (NYSEAMERICAN:NSU) Sees Significant Growth in Short Interest

Posted by: Semere Asmelash

Date: Thursday, 08 March 2018

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Nevsun Resources (NYSEAMERICAN:NSU) Sees Significant Growth in Short Interest

Nevsun Resources (NYSEAMERICAN:NSU) was the recipient of a significant increase in short interest in February. As of February 15th, there was short interest totalling 2,602,922 shares, an increase of 13.1% from the January 31st total of 2,300,722 shares. Based on an average daily trading volume, of 1,023,751 shares, the days-to-cover ratio is presently 2.5 days. Approximately 0.9% of the shares of the stock are short sold.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Two Sigma Advisers LP boosted its stake in Nevsun Resources by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 170,531 shares of the company’s stock valued at $416,000 after purchasing an additional 48,000 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in shares of Nevsun Resources in the fourth quarter valued at $139,000. Millennium Management LLC lifted its holdings in shares of Nevsun Resources by 13.8% in the fourth quarter. Millennium Management LLC now owns 486,104 shares of the company’s stock valued at $1,186,000 after purchasing an additional 58,765 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Nevsun Resources by 40.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 347,847 shares of the company’s stock valued at $849,000 after purchasing an additional 99,334 shares in the last quarter. Finally, Raffles Associates LP lifted its holdings in shares of Nevsun Resources by 10.2% in the fourth quarter. Raffles Associates LP now owns 1,077,800 shares of the company’s stock valued at $2,630,000 after purchasing an additional 100,000 shares in the last quarter.

Several equities analysts recently commented on the company. Macquarie upgraded Nevsun Resources from a “neutral” rating to an “outperform” rating in a research note on Monday, November 13th. Zacks Investment Research raised Nevsun Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 18th.

Shares of Nevsun Resources (NSU) opened at $2.26 on Thursday. Nevsun Resources has a one year low of $1.96 and a one year high of $2.77. The stock has a market capitalization of $673.50, a P/E ratio of -8.07 and a beta of 0.63.

Nevsun Resources Company Profile

Nevsun Resources Ltd. is a base metals company. The Company’s two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli.

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