Why Denison Mines and Energy Fuels Crashed Today

Why Denison Mines and Energy Fuels Crashed Today

What happened

Uranium mining stocks Denison Mines ( NYSEMKT:DNN ) and Energy Fuels ( NYSEMKT:UUUU ) tumbled in Friday afternoon trading, falling 7.6% and 10%, respectively, despite analysts at Canaccord Genuity having just yesterday hiked their price target for Denison. So what

In a brief note Thursday, TheFly.com advised that Canaccord had raised its price target on Denison Mines stock 20% to three Canadian dollars per share. The analyst also reiterated its "speculative buy" rating on the still-unprofitable uranium mining stock .

And yet, things aren’t glowing quite as brightly for the uranium stocks this week as they were last week. On Monday, Sprott Asset Management told The Financial Times that it is not attempting to "corner the market" on nuclear fuel. To an extent, that was something of a self-serving statement, as Sprott may worry that if it is thought to be buying up control over most of the […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
Do
  • 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 take our Terms of Use seriously
Do Not
  • 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

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet