Shares of Uranium Energy Corporation ( US:UEC ) fell more than 17% last week, with selling pressure fueled by short seller Kerrisdale Capital’s Thursday disclosure of its short position in the company.
Three company officers took advantage of the share price weakness, buying stock and helping recover some investor confidence. Shares were 1.5% higher in extended trading on Friday evening. These transactions were initially spotted on Fintel’s insider trading tracker.
According to Kerrisdale, UEC has failed to capitalize on spikes in uranium prices during the last two bull markets. Furthermore, the short seller claims that UEC’s deposits are unprofitable at current prices, with none of the company’s stated 140 million pounds of estimated uranium resources in the United States being viable for mining. Kerrisdale estimates that UEC’s underlying assets are worth just over $350 million, which is around 30% of its current market cap.
Promotional Payments Kerrisdale also called out […]
Click here to view original web page at www.msn.com
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content
Come and join our community. Expand your network and get to know new people!