Uranium Energy (NYSEAMERICAN:UEC) Shares Gap Up - Still a Buy?

Key Points

• Uranium Energy Corp. saw its share price open at $15.90, up from a previous close of $14.65, with a trading volume of 7,056,673 shares.
• Analysts have recently upgraded the stock's ratings, with Canaccord Genuity setting a price target of $17.50 and The Goldman Sachs Group raising theirs from $13.00 to $17.00.
• Insider trading activity included Director David Kong selling 50,800 shares, representing a 21.80% decrease in his position, while institutional investors hold about 62.28% of the company's stock.

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $14.65, but opened at $15.90. Uranium Energy shares last traded at $15.69, with a volume of 7,056,673 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently commented on UEC. Zacks Research raised shares of Uranium Energy from a "strong sell" rating to a "hold" rating in a research note on Monday, September 22nd. Canaccord Genuity Group set a $17.50 price target on shares of Uranium Energy and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Stifel Nicolaus began coverage on shares of Uranium Energy in a research report on Monday, October 6th. They issued a "buy" rating and a $10.50 target price for the company. TD Securities boosted their price objective on shares of Uranium Energy from $8.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, August 15th. Finally, The Goldman Sachs Group upped their target price on shares of Uranium Energy from $13.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $13.80.

Uranium Energy Price Performance

The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of -89.44 and a beta of 1.40. The firm's fifty day simple moving average is $11.69 and its 200 day simple moving average is $8.04.

Insider Buying and Selling at Uranium Energy

In related news, Director David Kong sold 50,800 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $9.62, for a total transaction of $488,696.00. Following the completion of the transaction, the director directly owned 182,237 shares in the company, valued at $1,753,119.94. This represents a 21.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On Uranium Energy

A number of hedge funds have recently made changes to their positions in the business. State Street Corp raised its stake in shares of Uranium Energy by 9.5% in the 2nd quarter. State Street Corp now owns 23,046,686 shares of the basic materials company's stock valued at $156,717,000 after buying an additional 2,000,516 shares in the last quarter. MMCAP International Inc. SPC raised its position in Uranium Energy by 8.6% in the first quarter. MMCAP International Inc. SPC now owns 19,716,341 shares of the basic materials company's stock worth $94,244,000 after purchasing an additional 1,559,173 shares in the last quarter. Norges Bank acquired a new position in Uranium Energy in the second quarter worth about $105,058,000. Geode Capital Management LLC raised its holdings in shares of Uranium Energy by 3.0% in the 2nd quarter. Geode Capital Management LLC now owns 9,902,310 shares of the basic materials company's stock worth $67,344,000 after buying an additional 289,662 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Uranium Energy by 10.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,379,554 shares of the basic materials company's stock worth $50,181,000 after buying an additional 722,458 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.