Shares of uranium miners Energy Fuels (NYSEMKT: UUUU) , Cameco (NYSE: CCJ) , and NexGen Energy (NYSEMKT: NXE) stocks all dropped in afternoon trading Monday, falling 7.5%, 8.7%, and 9.2%, respectively, through 12:30 p.m. EDT.
That’s curious, considering how the price of uranium has been behaving lately. Image source: Getty Images. So what
Since its most recent bottom in late April, the spot price on uranium has run up 12.5% to $30.26 per pound today — and you’d think that investors in miners Energy Fuels, Cameco, and NexGen would take that as good news, but here’s the thing: Today’s uranium price is roughly equal to what the atomic power raw material cost 11 months ago, in July 2020. It’s not so much a spike in price we’re seeing, therefore, as a climb back toward normal.It also may not be enough to turn these companies profitable . Now what […]
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