Zacks Investment Research upgraded shares of Uranium Energy Corp. (NYSEMKT:UEC) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $1.50 price target on the basic materials company’s stock.

According to Zacks, “Uranium Energy Corp is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States. The Company controls one of the largest historical uranium exploration and development databases in the US. Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US. The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom. “

Uranium Energy Corp. (NYSEMKT:UEC) opened at 1.30 on Wednesday. Uranium Energy Corp. has a one year low of $0.81 and a one year high of $1.92. The company’s market cap is $180.28 million. The stock has a 50 day moving average price of $1.52 and a 200 day moving average price of $1.46.

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Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Uranium Energy Corp. by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 123,344 shares of the basic materials company’s stock worth $174,000 after buying an additional 5,423 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Uranium Energy Corp. by 37.0% in the first quarter. SG Americas Securities LLC now owns 240,674 shares of the basic materials company’s stock worth $342,000 after buying an additional 64,943 shares in the last quarter. Voya Investment Management LLC bought a new stake in shares of Uranium Energy Corp. during the second quarter worth approximately $104,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of Uranium Energy Corp. by 9.9% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 783,379 shares of the basic materials company’s stock worth $1,246,000 after buying an additional 70,693 shares in the last quarter. Finally, Nationwide Fund Advisors bought a new stake in shares of Uranium Energy Corp. during the second quarter worth approximately $121,000.

Uranium Energy Corp. Company Profile

Uranium Energy Corp. is engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States and Paraguay. The Company utilizes in-situ recovery (ISR) mining. The Company has uranium mine located in the state of Texas, the Palangana Mine, which utilizes ISR mining and extracts uranium oxide (U3O8).

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