Pinnacle Associates Ltd. Lowers Position in Uranium Energy Corp. (NYSEAMERICAN:UEC)

Pinnacle Associates Ltd. reduced its stake in Uranium Energy Corp. (NYSEAMERICAN:UEC - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,459,236 shares of the basic materials company's stock after selling 82,274 shares during the period. Pinnacle Associates Ltd. owned 0.34% of Uranium Energy worth $6,975,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Versant Capital Management Inc purchased a new stake in Uranium Energy during the first quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Uranium Energy during the first quarter worth $36,000. Farther Finance Advisors LLC raised its holdings in shares of Uranium Energy by 43.5% during the first quarter. Farther Finance Advisors LLC now owns 7,801 shares of the basic materials company's stock worth $36,000 after purchasing an additional 2,364 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in Uranium Energy in the fourth quarter valued at $67,000. Finally, Nomura Holdings Inc. purchased a new position in Uranium Energy in the fourth quarter valued at $76,000. 62.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, BMO Capital Markets initiated coverage on shares of Uranium Energy in a report on Tuesday, June 3rd. They issued an "outperform" rating and a $7.75 target price on the stock. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $10.13.

Uranium Energy Stock Up 1.6%

Shares of NYSEAMERICAN UEC traded up $0.14 during midday trading on Friday, hitting $8.91. The company had a trading volume of 13,825,342 shares, compared to its average volume of 13,509,218. Uranium Energy Corp. has a twelve month low of $3.85 and a twelve month high of $9.09. The business has a 50-day simple moving average of $6.65 and a two-hundred day simple moving average of $6.31. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of -52.41 and a beta of 1.42.

Uranium Energy Company Profile

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.