It has been found that uranium is increasingly being used to produce electricity as a fuel. The upsurge in electricity use is also fueling the demand for nuclear power and uranium, which is increasing the energy security situation. A product’s or service’s potential to earn a profit is what investors look for when they discover that there is a demand for the product or service.
Uranium stocks are showing price action indicative of possible increases in nuclear power adoption. As a result, uranium demand would continue to grow steadily. Overall, uranium stocks have been a mixed bag over the past year, with some prices up and others down. During the past 12 months, uranium prices have firmed up relative to the previous year. Although uranium price is not likely to rally euphorically, it is likely to trend upwards for the foreseeable future. Uranium stocks are likely to benefit from this. Companies will benefit from higher prices of uranium as several exploration and production projects are in the works.
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NexGen Energy Ltd. (NXE)
On Monday, shares in NexGen Energy Ltd. (NXE) fell -2.75% to close the day at $4.24. The volume of shares traded was 1.02 million, which is lower than the average volume over the last three months of 2.75 million. During the trading session, the stock oscillated between $4.175 and $4.315. The company had an earnings per share ratio of -0.17. NXE’s stock has gained 8.72% of its value in the previous five sessions and 18.11% over the past one month but has lost -2.97% on year-to-date basis. The stock’s 50-day moving average of $4.10 is above the 200-day moving average of $4.78. Moreover, the stock is currently trading at an RSI of 57.12.
According to a U.S. Securities and Exchange Commission filing, Global X Uranium ETF has reduced its position in NexGen Energy Ltd. (NXE) to 20,201,142 shares, mirroring a recent drop by 0.00%. Global X Uranium ETF dumped 0.0 shares of NexGen Energy Ltd. common stock bringing its total worth to about $72.52 million at the end of recent close, SEC documents show. Global X Uranium ETF isn’t the only investment manager who changed stakes and is followed by Sprott Uranium Miners ETF, which sold off 0.0 shares to end up with 8,856,394 shares worth $31.79 million. Kopernik Global All Cap Fund cut their holdings by 0.00% in the company over the course of the most recent quarter. It now holds a 1.01% position in NexGen Energy Ltd. thanks to 4.84 million shares amounting to $17.39 million.
Uranium Energy Corp. (UEC)
Uranium Energy Corp. (UEC) stock closed last session at $4.05, decreasing -3.57% or -$0.15. Shares of the company fluctuated between $3.94 and $4.12 throughout the day. The number of shares exchanged was 5.47 million, less than the company’s 50-day daily volume of 12.02 million and lower than its Year-to-date volume of 13.31 million. In the past 12 months, the company’s stock has retreated 86.64%, and in the last one week, the stock has moved up 13.76%. For the last six months, the stock has gained a total of 62.65%, and over the last three months, the stock has decreased by -4.71%. The stock has returned 20.90% so far this year.
Looking at the support for the UEC, several firms have released research notes about the stock. CanaccordGenuity stated their Speculative Buy rating for the stock in a research note on June 13, 2022. CanaccordGenuity coverage for the Uranium Energy Corp. (UEC) stock in a research note released on April 22, 2022, offered a Hold rating. CanaccordGenuity coverage for the Uranium Energy Corp. (UEC) stock in a research note released on April 22, 2022, offered a Hold rating. CanaccordGenuity was of a view on October 14, 2020, that the stock is Speculative Buy, while ROTH Capital gave the stock Buy rating on October 25, 2017. H.C. Wainwright on their part issued Buy rating on June 09, 2015.
Cameco Corporation (CCJ)
Cameco Corporation (CCJ) stock lost -3.69% to close Monday’s session at $24.82. The stock volume remained 3.91 million shares, which was lower than the average daily volume of 5.92 million shares within the past 50 days. CCJ shares have risen by 39.44% over the last 12 months, and they have moved up by 8.10% in the past week. Over the past three months, the stock has lost -3.84%, while over the past six months, it has shed 30.36%. Further, the company has a current market of $9.64 billion and its outstanding shares stood at 400.00 million.
Insiders at the company have transacted a total of 208.0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 118 of these insider trades were purchases, accounting for 1,415,458 shares. Insider sales of the common stock occurred on 90 occasions, with total insider shares sold totaling 1,466,919 shares.
Denison Mines Corp. (DNN)
The stock of Denison Mines Corp. (DNN) lost -3.36% to complete the last trading session at $1.15. The price range of the company’s shares was between $1.15 and $1.18. It traded 2.37 million shares, which was below its daily average of 9.02 million shares over 100 days. DNN’s shares have gained by 2.68% in the last five days, while they have added 18.19% in the last month. Further, it is currently trading at a price-to-earnings ratio of 17.16 and a price to book ratio of 2.67.
The Net Income for the most recent full fiscal year, which ended in 2021, was $20.0 billion. This is compared to the prior year, where Net Income was $14.42 billion. Meanwhile, this company’s Operating Cash Flow was -$16.95 million for the year, compared to -$10.07 million in 12-2020. Capital Expenditures for the year were reportedly -$0.98 million, compared to -$0.21 million, and Free Cash flow was -$17.93 million compared to the prior year’s -$10.27 million.
Energy Fuels Inc. (UUUU)
Energy Fuels Inc. (UUUU) stock subtracted -2.83% to finish last trading session at $6.52. The stock recorded a trading volume of 2.14 million shares, which is below the average daily trading volume published for the last 50 days of 3.41 million shares. The shares of Energy Fuels Inc. have retreated 14.79% in the last five days; however, they have gained 32.79% over the last one month. The stock price has shed -13.18% over the last three months and has gained 24.19 percent so far this year. Additionally, it has a price to sales ratio stands at 319.98.
Stock traders are taking a renewed look at shares of Energy Fuels Inc. This stock’s current 14-day RSI is standing at 60.75%, with a 9-day RSI of 65.76%, and a 20-day RSI of 56.36%. The RSI, which stands for Relative Strength Index, is a widely used oscillating indicator trusted by investors and traders alike. The RSI works within a range-bound space with values on a scale from 0 to 100. When the RSI line rises, the shares may be showing strength. The contrary is the case when the RSI line starts to fall. When using the RSI indicator, different time periods may be looked at. When using a shorter time frame, the RSI might be more volatile. A lot of traders keep their focus between the 30 and 70 marks on the RSI scale. A shift higher than 70 is widely considered to demonstrate that the stock has entered the overbought territory. Meanwhile, a drop below 30 indicates that it may be in oversold territory. Traders often use these levels to predict stock price reversals.