Why Uranium Energy, Cameco Corporation, and NexGen Energy Stocks All Crashed Today

Why Uranium Energy, Cameco Corporation, and NexGen Energy Stocks All Crashed Today

What happened

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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