Uranium Energy (NYSEAMERICAN:UEC) Shares Down 8.2% – Here’s Why

Uranium Energy Corp. (NYSEAMERICAN:UEC) shares traded down 8.2% on Wednesday . The stock traded as low as $12.67 and last traded at $12.8170. 2,763,290 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 12,114,537 shares. The stock had previously closed at $13.96.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. BMO Capital Markets reissued a “market perform” rating and issued a $14.00 price target (up previously from $7.75) on shares of Uranium Energy in a research report on Thursday, September 25th. Stifel Nicolaus started coverage on shares of Uranium Energy in a research note on Monday, October 6th. They issued a “buy” rating and a $10.50 price objective for the company. Stifel Canada upgraded Uranium Energy to a “strong-buy” rating in a research report on Friday, October 3rd. TD Securities lifted their price target on Uranium Energy from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, August 15th. Finally, Canaccord Genuity Group set a $17.50 price objective on Uranium Energy and gave the company a “buy” rating in a research note on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $14.19.

Uranium Energy Stock Performance

The stock has a market cap of $6.14 billion, a P/E ratio of -74.60 and a beta of 1.35. The stock has a 50-day moving average price of $13.33 and a 200-day moving average price of $10.50.

Institutional Trading of Uranium Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in Uranium Energy by 1,954.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 153,614 shares of the basic materials company’s stock worth $1,045,000 after purchasing an additional 146,138 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Uranium Energy by 207.5% during the 2nd quarter. Ballentine Partners LLC now owns 31,476 shares of the basic materials company’s stock valued at $214,000 after buying an additional 21,241 shares in the last quarter. MQS Management LLC bought a new stake in Uranium Energy in the 2nd quarter worth approximately $137,000. Norges Bank purchased a new stake in Uranium Energy in the second quarter worth approximately $105,058,000. Finally, Harbour Capital Advisors LLC bought a new position in Uranium Energy during the second quarter valued at approximately $310,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

About Uranium Energy

Uranium Energy Corp., together with its subsidiaries, engages in exploration, pre-extraction, extraction, and processing uranium and titanium concentrates in the United States, Canada, and Paraguay. It owns interests in the Palangana mine, Goliad, Burke Hollow, Longhorn, and Salvo projects located in Texas; Anderson, Workman Creek, and Los Cuatros projects situated in Arizona; Dalton Pass and C de Baca project located in New Mexico; Roughrider, Shea Creek, Christie Lake, Horseshoe-Raven, Hidden Bay, Diabase, West Bear, JCU, and other project located in Canada; and Yuty, Oviedo, and Alto Paraná titanium projects in Paraguay.