UEC - Why Uranium Energy Stock Soared Another 19% in January After a Stellar 2023
2024-02-07 10:54:37 ET
After a staggering 65% rally in 2023, shares of Uranium Energy (NYSEMKT: UEC) continued to rally even higher in the new year and popped 19.4% in January, according to data provided by S&P Global Market Intelligence . With uranium prices hitting 16-year highs last month and Uranium Energy all set to move from the exploration to production phase, investors bet big on the uranium stock.
Although Uranium Energy extracted uranium until some years ago, it is still classified as an exploration-stage uranium company by the U.S. Securities and Exchange Commission since it has not established proven and probable reserves. Over the past year or so, Uranium Energy primarily generated revenue by selling uranium bought earlier at spot prices. The company was waiting for a stronger uranium market to restart operations, and it believes the time is now.
Last month, Uranium Energy announced that it will restart production at Wyoming and expects first production from the site in August this year.
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Why Uranium Energy Stock Soared Another 19% in January After a Stellar 2023