Zacks Investment Research upgraded shares of Uranium Energy Corp. (NYSEMKT:UEC) from a hold rating to a buy rating in a research report released on Wednesday morning. The firm currently has $1.50 price target on the basic materials company’s stock.

According to Zacks, “Uranium Energy Corp is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States. The Company controls one of the largest historical uranium exploration and development databases in the US. Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US. The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom. “

Shares of Uranium Energy Corp. (UEC) opened at 1.34 on Wednesday. The stock’s 50 day moving average price is $1.48 and its 200-day moving average price is $1.44. Uranium Energy Corp. has a 52 week low of $0.81 and a 52 week high of $1.92. The company’s market cap is $185.83 million.

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Several hedge funds have recently added to or reduced their stakes in UEC. Sprott Inc. bought a new stake in Uranium Energy Corp. during the first quarter worth about $295,000. JPMorgan Chase & Co. raised its stake in Uranium Energy Corp. by 50.3% in the first quarter. JPMorgan Chase & Co. now owns 5,400,192 shares of the basic materials company’s stock worth $7,669,000 after buying an additional 1,807,776 shares during the last quarter. Segantii Capital Management Ltd bought a new stake in Uranium Energy Corp. during the first quarter worth about $257,000. SG Americas Securities LLC raised its stake in Uranium Energy Corp. by 37.0% in the first quarter. SG Americas Securities LLC now owns 240,674 shares of the basic materials company’s stock worth $342,000 after buying an additional 64,943 shares during the last quarter. Finally, KCG Holdings Inc. raised its stake in Uranium Energy Corp. by 949.2% in the first quarter. KCG Holdings Inc. now owns 116,422 shares of the basic materials company’s stock worth $165,000 after buying an additional 105,326 shares during the last quarter.

About Uranium Energy Corp.

Uranium Energy Corp. is engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States and Paraguay. The Company utilizes in-situ recovery (ISR) mining. The Company has uranium mine located in the state of Texas, the Palangana Mine, which utilizes ISR mining and extracts uranium oxide (U3O8).

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