enCore Energy (NASDAQ:EU) Shares Gap Up Following Analyst Upgrade

Key Points

• enCore Energy shares rose from a closing price of $2.90 to an opening price of $3.03 following an upgrade from Wall Street Zen, moving the stock from a sell to a hold rating.
• Other brokerages, including B. Riley and HC Wainwright, have issued buy ratings with a target price of $4.00, contributing to an overall average rating of Buy.
• As of the latest reports, approximately 20.86% of enCore Energy's stock is owned by institutional investors, indicating growing interest in the company.

enCore Energy Corp. (NASDAQ:EU - Get Free Report) shares gapped up before the market opened on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock had previously closed at $2.90, but opened at $3.03. enCore Energy shares last traded at $3.03, with a volume of 1,015,445 shares.

A number of other brokerages have also recently issued reports on EU. B. Riley initiated coverage on shares of enCore Energy in a report on Wednesday, July 23rd. They issued a "buy" rating and a $4.00 target price for the company. HC Wainwright upped their target price on enCore Energy from $2.75 to $4.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Finally, Zacks Research raised enCore Energy to a "hold" rating in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $4.00.

Hedge Funds Weigh In On enCore Energy

Several institutional investors and hedge funds have recently made changes to their positions in EU. Ameriprise Financial Inc. bought a new stake in enCore Energy during the fourth quarter valued at $73,000. Bank of America Corp DE grew its position in shares of enCore Energy by 9.4% during the fourth quarter. Bank of America Corp DE now owns 174,301 shares of the company's stock worth $594,000 after acquiring an additional 14,934 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of enCore Energy by 57.6% in the 4th quarter. Deutsche Bank AG now owns 155,897 shares of the company's stock worth $532,000 after acquiring an additional 56,957 shares during the period. ProShare Advisors LLC grew its position in enCore Energy by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 51,134 shares of the company's stock worth $174,000 after purchasing an additional 16,823 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of enCore Energy in the fourth quarter valued at approximately $69,000. 20.86% of the stock is currently owned by hedge funds and other institutional investors.

enCore Energy Price Performance

The company has a market cap of $579.07 million, a P/E ratio of -8.84 and a beta of 1.84. The stock has a fifty day moving average price of $2.62 and a two-hundred day moving average price of $2.11.

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

About enCore Energy

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.

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