Uranium Energy (NYSEAMERICAN:UEC) Hits New 1-Year High - Here's What Happened

Key Points

• Uranium Energy Corp. shares hit a new 52-week high of $9.20, increasing 6.2% during trading, with significant volume of nearly 6.7 million shares.
• Analysts show a positive outlook with five buy ratings and a price target average of $10.13, indicating growth potential for the stock.
• Institutional investors hold 62.28% of Uranium Energy's stock, with several hedge funds significantly increasing their positions in the first quarter.

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $9.11 and last traded at $9.20, with a volume of 6696761 shares traded. The stock had previously closed at $8.67.

Analysts Set New Price Targets

UEC has been the topic of a number of recent research reports. BMO Capital Markets started coverage on shares of Uranium Energy in a research note on Tuesday, June 3rd. They set an "outperform" rating and a $7.75 price objective on the stock. HC Wainwright raised their target price on shares of Uranium Energy from $12.25 to $12.75 and gave the company a "buy" rating in a research note on Wednesday. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $10.21.

Uranium Energy Trading Up 1.6%

The company has a market capitalization of $4.29 billion, a price-to-earnings ratio of -56.70 and a beta of 1.44. The firm's fifty day simple moving average is $7.09 and its two-hundred day simple moving average is $6.30.

Institutional Investors Weigh In On Uranium Energy

A number of institutional investors and hedge funds have recently made changes to their positions in UEC. Versant Capital Management Inc purchased a new stake in Uranium Energy during the 1st quarter worth approximately $27,000. IFP Advisors Inc increased its stake in Uranium Energy by 732.8% during the 2nd quarter. IFP Advisors Inc now owns 3,981 shares of the basic materials company's stock worth $27,000 after buying an additional 3,503 shares during the period. Farther Finance Advisors LLC increased its stake in Uranium Energy by 43.5% during the 1st quarter. Farther Finance Advisors LLC now owns 7,801 shares of the basic materials company's stock worth $36,000 after buying an additional 2,364 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Uranium Energy during the 1st quarter worth approximately $36,000. Finally, Oarsman Capital Inc. increased its stake in Uranium Energy by 900.0% during the 1st quarter. Oarsman Capital Inc. now owns 10,000 shares of the basic materials company's stock worth $48,000 after buying an additional 9,000 shares during the period. 62.28% of the stock is owned by hedge funds and other institutional investors.

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.