Uranium Energy (NYSEAMERICAN:UEC) Shares Gap Down - Here's What Happened

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $6.27, but opened at $6.07. Uranium Energy shares last traded at $6.34, with a volume of 1,038,845 shares.

Analysts Set New Price Targets

UEC has been the subject of a number of research reports. BMO Capital Markets initiated coverage on shares of Uranium Energy in a report on Tuesday, June 3rd. They set an "outperform" rating and a $7.75 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $12.25 target price on shares of Uranium Energy in a report on Thursday, March 13th. Five 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 company has an average rating of "Buy" and an average price target of $10.13.

Uranium Energy Stock Up 5.1%

The company's fifty day moving average is $6.16 and its two-hundred day moving average is $6.35. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of -38.76 and a beta of 1.42.

Hedge Funds Weigh In On Uranium Energy

Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE grew its position in shares of Uranium Energy by 7.7% during the fourth quarter. US Bancorp DE now owns 22,300 shares of the basic materials company's stock worth $149,000 after acquiring an additional 1,600 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Uranium Energy by 22.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 20,380 shares of the basic materials company's stock worth $136,000 after acquiring an additional 3,780 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Uranium Energy by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,409,129 shares of the basic materials company's stock worth $22,807,000 after acquiring an additional 88,633 shares during the last quarter. Arizona State Retirement System grew its position in shares of Uranium Energy by 1.4% during the fourth quarter. Arizona State Retirement System now owns 119,397 shares of the basic materials company's stock worth $799,000 after acquiring an additional 1,692 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Uranium Energy during the fourth quarter worth approximately $1,007,000. 62.28% of the stock is currently 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.