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

Uranium Energy Corp. (NYSEAMERICAN:UEC - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $6.27, but opened at $6.58. Uranium Energy shares last traded at $6.58, with a volume of 3,180,041 shares changing hands.

Wall Street Analysts Forecast Growth

UEC has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $12.25 price objective on shares of Uranium Energy in a research report on Thursday, March 13th. Stifel Nicolaus set a $10.50 price target on shares of Uranium Energy in a report on Wednesday, March 12th. BMO Capital Markets began coverage on shares of Uranium Energy in a research report on Tuesday, June 3rd. They set an "outperform" rating and a $7.75 price target on the stock. National Bankshares set a $10.00 price objective on Uranium Energy and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Stifel Canada upgraded Uranium Energy to a "strong-buy" rating in a research report on Tuesday, March 11th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Uranium Energy presently has a consensus rating of "Buy" and an average price target of $10.13.

Uranium Energy Trading Down 0.8%

The company has a market capitalization of $2.64 billion, a PE ratio of -51.92 and a beta of 1.88. The business has a fifty day moving average of $5.44 and a 200 day moving average of $6.51.

Hedge Funds Weigh In On Uranium Energy

Hedge funds have recently added to or reduced their stakes in the business. Harbour Investments Inc. lifted its stake in shares of Uranium Energy by 947.4% during the fourth quarter. Harbour Investments Inc. now owns 3,886 shares of the basic materials company's stock valued at $26,000 after buying an additional 3,515 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Uranium Energy during the first quarter worth $27,000. Generali Investments Management Co LLC purchased a new stake in shares of Uranium Energy in the fourth quarter valued at $30,000. Farther Finance Advisors LLC raised its position in shares of Uranium Energy by 43.5% in the 1st quarter. Farther Finance Advisors LLC now owns 7,801 shares of the basic materials company's stock worth $36,000 after buying an additional 2,364 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Uranium Energy in the first quarter valued at $36,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

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.