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

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $5.16, but opened at $6.00. Uranium Energy shares last traded at $6.31, with a volume of 17,016,320 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on UEC shares. HC Wainwright restated a "buy" rating and set a $12.25 price objective on shares of Uranium Energy in a research note on Thursday, March 13th. Stifel Nicolaus set a $10.50 price objective on shares of Uranium Energy in a research note on Wednesday, March 12th. National Bank Financial assumed coverage on shares of Uranium Energy in a research note on Wednesday, February 12th. They set an "outperform" rating and a $10.00 price objective on the stock. National Bankshares set a $10.00 price target on Uranium Energy and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Stifel Canada raised Uranium Energy to a "strong-buy" rating in a research report on Tuesday, March 11th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $10.60.

Uranium Energy Stock Performance

The stock has a market cap of $2.67 billion, a price-to-earnings ratio of -52.58 and a beta of 1.88. The company's 50 day simple moving average is $5.13 and its 200 day simple moving average is $6.43.

Hedge Funds Weigh In On Uranium Energy

Several hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Uranium Energy in the fourth quarter worth approximately $100,773,000. JPMorgan Chase & Co. grew its position in Uranium Energy by 45.9% during the 4th quarter. JPMorgan Chase & Co. now owns 15,842,713 shares of the basic materials company's stock worth $105,988,000 after purchasing an additional 4,982,949 shares in the last quarter. Ameriprise Financial Inc. grew its position in Uranium Energy by 239.4% during the 4th quarter. Ameriprise Financial Inc. now owns 6,731,148 shares of the basic materials company's stock worth $45,036,000 after purchasing an additional 4,748,138 shares in the last quarter. Driehaus Capital Management LLC grew its position in Uranium Energy by 52.2% during the 4th quarter. Driehaus Capital Management LLC now owns 9,499,842 shares of the basic materials company's stock worth $63,554,000 after purchasing an additional 3,259,704 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Uranium Energy by 120.0% during the 1st quarter. Victory Capital Management Inc. now owns 5,930,920 shares of the basic materials company's stock worth $28,350,000 after purchasing an additional 3,235,394 shares in the last quarter. Institutional investors and hedge funds 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.