Uranium Energy (NYSEAMERICAN:UEC) Reaches New 52-Week High - Time to Buy?

Key Points

• Uranium Energy Corp. reached a new 52-week high of $11.03, closing at $10.70 with significant trading volume of over 15 million shares.
• Several brokerages have issued optimistic ratings on Uranium Energy, with Goldman Sachs upgrading the stock to a "strong-buy" and others increasing price targets significantly.
• Institutional investors have shown strong interest in the company, with notable stakes increasing and hedge funds owning approximately 62.28% of the stock.

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $11.03 and last traded at $10.70, with a volume of 15274084 shares. The stock had previously closed at $10.40.

Analysts Set New Price Targets

UEC has been the topic of a number of research reports. HC Wainwright upped their target price on shares of Uranium Energy from $12.25 to $12.75 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. TD Securities boosted their price objective on shares of Uranium Energy from $8.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. The Goldman Sachs Group raised Uranium Energy to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, BMO Capital Markets started coverage on Uranium Energy in a research note on Tuesday, June 3rd. They issued an "outperform" rating and a $7.75 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $10.91.

Uranium Energy Stock Up 2.0%

The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of -62.88 and a beta of 1.42. The company's fifty day moving average is $8.49 and its two-hundred day moving average is $6.60.

Insiders Place Their Bets

In other news, Director David Kong sold 50,800 shares of Uranium Energy stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $9.62, for a total transaction of $488,696.00. Following the transaction, the director owned 182,237 shares in the company, valued at $1,753,119.94. The trade was a 21.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Uranium Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UEC. Norges Bank bought a new position in shares of Uranium Energy in the 2nd quarter valued at about $105,058,000. Ameriprise Financial Inc. grew its stake in Uranium Energy by 239.4% in the fourth quarter. Ameriprise Financial Inc. now owns 6,731,148 shares of the basic materials company's stock valued at $45,036,000 after purchasing an additional 4,748,138 shares in the last quarter. Caxton Associates LLP raised its stake in shares of Uranium Energy by 11,233.4% during the 2nd quarter. Caxton Associates LLP now owns 4,093,058 shares of the basic materials company's stock worth $27,833,000 after purchasing an additional 4,056,943 shares in the last quarter. Driehaus Capital Management LLC raised its stake in shares of Uranium Energy by 52.2% during the 4th quarter. Driehaus Capital Management LLC now owns 9,499,842 shares of the basic materials company's stock worth $63,554,000 after purchasing an additional 3,259,704 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Uranium Energy by 120.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,930,920 shares of the basic materials company's stock valued at $28,350,000 after buying an additional 3,235,394 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

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.