Short Interest in enCore Energy Corp. (NASDAQ:EU) Grows By 79.7%

Key Points

• Short Interest Surge: enCore Energy Corp. experienced a significant increase in short interest, rising 79.7% to 26,560,000 shares by August 31, representing 14.6% of its total shares.
• Institutional Investments: Institutional investors have been active, with Boundary Creek Advisors and others increasing their stakes significantly, indicating growing institutional interest in the company.
• Stock Performance: The stock traded down 4.7% to $2.23, with analysts expecting a consensus rating of "Buy" and an average target price of $4.00.

enCore Energy Corp. (NASDAQ:EU - Get Free Report) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 26,560,000 shares, an increase of 79.7% from the August 15th total of 14,780,000 shares. Approximately 14.6% of the company's shares are short sold. Based on an average trading volume of 3,430,000 shares, the short-interest ratio is currently 7.7 days. Based on an average trading volume of 3,430,000 shares, the short-interest ratio is currently 7.7 days. Approximately 14.6% of the company's shares are short sold.

enCore Energy Price Performance

NASDAQ EU traded up $0.18 during trading hours on Friday, reaching $2.79. 8,088,946 shares of the company's stock traded hands, compared to its average volume of 3,938,887. enCore Energy has a 52-week low of $1.01 and a 52-week high of $4.44. The firm has a market cap of $522.01 million, a PE ratio of -7.97 and a beta of 1.84. The firm has a 50-day simple moving average of $2.62 and a 200 day simple moving average of $2.10.

enCore Energy (NASDAQ:EU - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.07) earnings per share (EPS) for the quarter. enCore Energy had a negative net margin of 143.28% and a negative return on equity of 19.23%. The business had revenue of $3.66 million for the quarter. Sell-side analysts forecast that enCore Energy will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Boundary Creek Advisors LP purchased a new position in enCore Energy in the first quarter worth about $2,898,000. MMCAP International Inc. SPC raised its holdings in enCore Energy by 66.0% in the first quarter. MMCAP International Inc. SPC now owns 3,819,501 shares of the company's stock worth $5,232,000 after buying an additional 1,517,992 shares during the last quarter. Marshall Wace LLP raised its holdings in enCore Energy by 293.9% in the second quarter. Marshall Wace LLP now owns 1,262,065 shares of the company's stock worth $3,610,000 after buying an additional 941,691 shares during the last quarter. Vident Advisory LLC raised its holdings in enCore Energy by 32.9% in the second quarter. Vident Advisory LLC now owns 3,172,762 shares of the company's stock worth $9,045,000 after buying an additional 785,568 shares during the last quarter. Finally, AWM Investment Company Inc. raised its holdings in enCore Energy by 118.1% in the fourth quarter. AWM Investment Company Inc. now owns 1,297,619 shares of the company's stock worth $4,425,000 after buying an additional 702,619 shares during the last quarter. 20.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of enCore Energy from a "hold" rating to a "sell" rating in a research note on Sunday, September 14th. Zacks Research raised shares of enCore Energy to a "hold" rating in a research note on Tuesday, August 12th. B. Riley assumed coverage on shares of enCore Energy in a research note on Wednesday, July 23rd. They set a "buy" rating and a $4.00 target price on the stock. Finally, HC Wainwright lifted their target price on shares of enCore Energy from $2.75 to $4.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $4.00.

enCore Energy Company Profile

enCore Energy Corp. engages in the acquisition, exploration, and development of uranium resource properties in the United States. It holds a 100% interest in Crownpoint and Hosta Butte uranium project area covers 3,020 acres located in the Grants Uranium Belt, New Mexico. The company also holds interest in the Marquez-Juan Tafoya property comprises 14,582 acres located in McKinley and Sandoval counties of New Mexico; and the Nose Rock project comprising 42 owned unpatented lode mining claims comprising approximately 800 acres located in McKinley County, New Mexico.