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

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $5.69, but opened at $6.20. Uranium Energy shares last traded at $6.24, with a volume of 5,508,923 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on UEC shares. Stifel Nicolaus set a $10.50 target price on shares of Uranium Energy in a research note on Wednesday, March 12th. National Bank Financial initiated coverage on shares of Uranium Energy in a research note on Wednesday, February 12th. They issued an "outperform" rating and a $10.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $12.25 price target on shares of Uranium Energy in a report on Thursday, March 13th. National Bankshares set a $10.00 price target on Uranium Energy and gave the company an "outperform" rating in a report on Wednesday, February 12th. Finally, BMO Capital Markets initiated coverage on Uranium Energy in a report on Tuesday. They set an "outperform" rating and a $7.75 price target for the company. Five research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Uranium Energy presently has a consensus rating of "Buy" and a consensus target price of $10.13.

Uranium Energy Stock Performance

The firm has a fifty day simple moving average of $5.20 and a 200-day simple moving average of $6.44. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -51.25 and a beta of 1.88.

Institutional Investors Weigh In On Uranium Energy

A number of hedge funds and other institutional investors have recently modified their holdings of UEC. Barclays PLC lifted its holdings in shares of Uranium Energy by 394.5% during the third quarter. Barclays PLC now owns 697,045 shares of the basic materials company's stock worth $4,329,000 after buying an additional 556,081 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Uranium Energy by 22.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 16,975 shares of the basic materials company's stock worth $114,000 after buying an additional 3,150 shares in the last quarter. KBC Group NV lifted its holdings in shares of Uranium Energy by 62.5% during the fourth quarter. KBC Group NV now owns 18,471 shares of the basic materials company's stock worth $124,000 after buying an additional 7,106 shares in the last quarter. Clear Creek Financial Management LLC lifted its holdings in shares of Uranium Energy by 77.6% during the fourth quarter. Clear Creek Financial Management LLC now owns 22,177 shares of the basic materials company's stock worth $148,000 after buying an additional 9,690 shares in the last quarter. Finally, DAVENPORT & Co LLC acquired a new stake in shares of Uranium Energy during the fourth quarter worth $140,000. Institutional investors and hedge funds 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.