Uranium Energy (NYSEAMERICAN:UEC) Shares Gap Up - Time to Buy?

Key Points

• Uranium Energy Corp. shares gapped up from $10.48 to $10.98 at the market open on Friday, currently trading at $10.73 with a volume of nearly 3 million shares.
• Analysts have issued positive ratings, with HC Wainwright and Goldman Sachs upgrading their price targets, reflecting a strong market outlook for Uranium Energy.
• Insider trading activity shows that Director David Kong sold 50,800 shares, reducing his ownership by 21.80%, after the stock traded at an average price of $9.62.

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $10.48, but opened at $10.98. Uranium Energy shares last traded at $10.73, with a volume of 2,980,852 shares trading hands.

Wall Street Analyst Weigh In

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

Uranium Energy Price Performance

The company's 50-day moving average price is $8.49 and its two-hundred day moving average price is $6.60.

Insider Activity at Uranium Energy

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc acquired a new position in Uranium Energy during the 1st quarter valued at about $27,000. IFP Advisors Inc raised its holdings in shares of Uranium Energy by 732.8% during 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. Operose Advisors LLC acquired a new stake in shares of Uranium Energy during the second quarter valued at approximately $34,000. Farther Finance Advisors LLC raised its holdings 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 period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Uranium Energy in the 1st quarter valued at approximately $36,000. 62.28% of the stock is 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.