Uranium Energy (NYSEAMERICAN:UEC) Sets New 12-Month High - Here's Why

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) shares hit a new 52-week high during trading on Monday . The stock 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.

Wall Street Analysts Forecast Growth

UEC has been the subject of a number of recent research reports. HC Wainwright boosted their price target on shares of Uranium Energy from $12.25 to $12.75 and gave the company a "buy" rating in a research note on Wednesday. BMO Capital Markets assumed coverage on Uranium Energy in a research report on Tuesday, June 3rd. They issued an "outperform" rating and a $7.75 price objective 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. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $10.21.

Uranium Energy Stock Performance

The company's 50-day moving average price is $7.24 and its 200 day moving average price is $6.33. The stock has a market capitalization of $4.47 billion, a PE ratio of -59.32 and a beta of 1.44.

Institutional Investors Weigh In On Uranium Energy

Several hedge funds and other institutional investors have recently made changes to their positions in UEC. Kaizen Financial Strategies purchased a new position in shares of Uranium Energy in the second quarter worth $323,000. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Uranium Energy by 5.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 94,438 shares of the basic materials company's stock valued at $642,000 after purchasing an additional 4,768 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Uranium Energy by 3.0% during the second quarter. Geode Capital Management LLC now owns 9,902,310 shares of the basic materials company's stock valued at $67,344,000 after purchasing an additional 289,662 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Uranium Energy by 86.9% in the second quarter. PNC Financial Services Group Inc. now owns 60,209 shares of the basic materials company's stock worth $409,000 after purchasing an additional 28,002 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Uranium Energy by 13.7% in the second quarter. SBI Securities Co. Ltd. now owns 15,629 shares of the basic materials company's stock worth $106,000 after purchasing an additional 1,878 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company's stock.

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.