UUUU - Why Energy Fuels Stock Fell as Much as 11% Today
Shares of uranium miner Energy Fuels (NYSEMKT: UUUU) fell 11% out of the gate on April 12. Although it clawed back some of those gains, the stock was still down roughly 8% at around 2 p.m. EDT. There was no particular news out of the company today, but there was a story in The Wall Street Journal that might have played a role in the decline.
In late 2020, Energy Fuels announced plans to enter the rare earth metals space. The goal was to offer companies a non-Chinese option for the supply of these important industrial inputs used in things like electric vehicles. That's notable because China controls the lion's share of the rare earth metals market and has suggested that it would consider constraining supply. That could be a material issue for a large number of high-tech industries, as well as for U.S. defense needs.
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Why Energy Fuels Stock Fell as Much as 11% Today