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

Key Points

• Uranium Energy Corp. shares gapped down to $8.08 at the market open, a decline from their previous close of $8.67, with a trading volume of over 3 million shares.
• BMO Capital Markets issued an "outperform" rating with a price target of $7.75, while the consensus rating among analysts is "Buy" with a target of $10.13.
• Institutional investors currently own 62.28% of Uranium Energy's stock, with notable increases in holdings by firms such as Blair William & Co. and Farther Finance Advisors LLC.

Shares of Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $8.67, but opened at $8.08. Uranium Energy shares last traded at $8.13, with a volume of 3,068,200 shares changing hands.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets assumed coverage on Uranium Energy in a research report on Tuesday, June 3rd. They set an "outperform" rating and a $7.75 target price on the stock. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Uranium Energy presently has a consensus rating of "Buy" and a consensus price target of $10.13.

Uranium Energy Stock Up 3.1%

The company's 50-day moving average is $7.03 and its two-hundred day moving average is $6.29. The company has a market capitalization of $4.22 billion, a P/E ratio of -55.88 and a beta of 1.44.

Institutional Investors Weigh In On Uranium Energy

A number of institutional investors have recently made changes to their positions in UEC. Versant Capital Management Inc bought a new position in shares of Uranium Energy in the first quarter worth approximately $27,000. IFP Advisors Inc increased its position in shares of Uranium Energy by 732.8% in the second quarter. IFP Advisors Inc now owns 3,981 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 3,503 shares during the period. Farther Finance Advisors LLC raised its stake 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 valued at $36,000 after acquiring an additional 2,364 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Uranium Energy during the 1st quarter valued at approximately $36,000. Finally, Oarsman Capital Inc. raised its holdings in shares of Uranium Energy by 900.0% during the first quarter. Oarsman Capital Inc. now owns 10,000 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 9,000 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company's stock.

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.