Why All the Uranium Stocks Crashed Today

Why All the Uranium Stocks Crashed Today

What happened

After enjoying a nice run-up earlier in the week, uranium stocks melted down on Friday. As of 3:30 p.m. EDT, shares of uranium mining company Energy Fuels ( NYSEMKT:UUUU ) are down 10%, NexGen Energy ( NYSEMKT:NXE ) is off 10.2%, and Uranium Energy ( NYSEMKT:UEC ) is suffering worst of all — down 12.1%.

The funny thing is, there doesn’t appear to be an obvious reason for the sell-off. Image source: Getty Images. So what

To the contrary, this morning shares of two of the bigger names in uranium mining, Denison Mines ( NYSEMKT:DNN ) and Cameco ( NYSE:CCJ ), both got a lift from Wall Street when investment bank Raymond James assigned higher price targets to each: C$2.40 for Denison and C$34 for Cameco.That should have been good news for peer uranium stocks like Energy Fuels, NexGen, and Uranium Energy — but apparently wasn’t.At the same […]

About the author: StockMan

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