enCore Energy (NASDAQ:EU) Cut to Speculative Buy at Canaccord Genuity Group

Key Points

• Canaccord Genuity downgraded enCore Energy from “Buy” to “Speculative Buy” and set a C$1.50 price target. Across analysts, the stock’s average rating is “Moderate Buy,” with a consensus target of $2.23.
• Shares traded at $0.54, near the 52-week low of $0.53, and well below their 50-day and 200-day moving averages.
• enCore reported a quarterly loss of $0.17 per share, missing analyst expectations of a $0.12 loss; revenue was $16.69 million.

enCore Energy (NASDAQ:EU - Get Free Report) was downgraded by equities researchers at Canaccord Genuity Group from a "buy" rating to a "speculative buy" rating in a report issued on Friday, Benzinga reports. They currently have a C$1.50 price target on the stock.

Several other research firms have also recently issued reports on EU. Zacks Research upgraded shares of enCore Energy from a "strong sell" rating to a "hold" rating in a research note on Monday, October 5th. Wall Street Zen lowered shares of enCore Energy from a "hold" rating to a "strong sell" rating in a research report on Saturday, September 26th. Jefferies Financial Group started coverage on shares of enCore Energy in a report on Thursday, September 3rd. They issued a "buy" rating and a $1.44 price objective for the company. Weiss Ratings lowered shares of enCore Energy from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, September 14th. Finally, B. Riley Financial restated a "buy" rating on shares of enCore Energy in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $2.23.

enCore Energy Stock Performance

enCore Energy stock traded down $0.00 during midday trading on Friday, hitting $0.54. 1,499,605 shares of the company were exchanged, compared to its average volume of 3,636,288. The business has a fifty day simple moving average of $0.93 and a two-hundred day simple moving average of $1.55. The company has a debt-to-equity ratio of 0.45, a quick ratio of 6.84 and a current ratio of 8.00. The firm has a market capitalization of $104.88 million, a PE ratio of -1.62 and a beta of 2.29. enCore Energy has a fifty-two week low of $0.53 and a fifty-two week high of $3.67.

enCore Energy (NASDAQ:EU - Get Free Report) last announced its quarterly earnings results on Thursday, November 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.05). enCore Energy had a negative net margin of 112.82% and a negative return on equity of 28.00%. The company had revenue of $16.69 million during the quarter. On average, sell-side analysts forecast that enCore Energy will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, Chairman William Sheriff bought 100,000 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $0.84 per share, for a total transaction of $84,000.00. Following the completion of the transaction, the chairman directly owned 1,512,169 shares in the company, valued at $1,270,221.96. The trade was a 7.08% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Susan Hoxie-Key sold 30,648 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $0.94, for a total transaction of $28,809.12. Following the completion of the sale, the director owned 60,918 shares of the company's stock, valued at $57,262.92. This trade represents a 33.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have acquired 310,000 shares of company stock valued at $262,100 in the last three months. Insiders own 3.00% of the company's stock.

Institutional Trading of enCore Energy

A number of hedge funds have recently bought and sold shares of EU. J. Derek Lewis & Associates Inc. acquired a new position in shares of enCore Energy during the 3rd quarter worth approximately $34,000. Tidal Investments LLC acquired a new stake in shares of enCore Energy in the second quarter valued at approximately $2,755,000. Bank of New York Mellon Corp acquired a new stake in shares of enCore Energy in the second quarter valued at approximately $725,000. Hennion & Walsh Asset Management Inc. increased its holdings in shares of enCore Energy by 90.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 236,373 shares of the company's stock valued at $310,000 after purchasing an additional 112,130 shares during the last quarter. Finally, Rathbones Group PLC purchased a new position in enCore Energy during the first quarter worth approximately $63,000. Institutional investors and hedge funds own 20.86% of the company's stock.

About enCore Energy

enCore Energy Corp. is a U.S. uranium company focused on producing uranium for the nuclear fuel industry. The company uses in-situ recovery (ISR), a method that circulates a solution through underground uranium deposits to recover the uranium without conventional open-pit or underground mining. Its portfolio includes the Rosita and Alta Mesa projects in South Texas, as well as uranium assets in other parts of the United States. The company has developed processing facilities and wellfields to support ISR production, and its product is uranium concentrate used in the nuclear fuel cycle. enCore's focus on domestic uranium resources reflects its aim to supply U.S. utilities and other customers.

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