Uranium Energy (UEC) Soars 7.3%: Is Further Upside Left in the Stock?

Image: Bigstock Uranium Energy ( UEC – Free Report ) shares soared 7.3% in the last trading session to close at $8.20. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock’s 20.7% gain over the past four weeks.

Uranium Energy’s stocks have mirrored the upward trend in uranium prices, driven by robust demand and constrained supply. The recent declaration from Kazatomprom, the world’s largest uranium mining company based in Kazakhstan, stating its intention to limit uranium production to 80% of the permitted maximum output, as specified in Kazakh subsoil usage contracts, has contributed to the spike in uranium prices. This reduction from the previously announced 90% level is attributed to challenges in securing an adequate supply of sulfuric acid, a crucial component in the company’s in-situ uranium mining process.

This uranium mining and exploration company is expected […]

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