enCore Energy (NASDAQ:EU) Trading Up 7.3% – Here’s Why

enCore Energy Corp. (NASDAQ:EU)’s stock price was up 7.3% during mid-day trading on Wednesday . The stock traded as high as $4.26 and last traded at $4.25. Approximately 2,061,946 shares changed hands during trading, an increase of 70% from the average daily volume of 1,214,741 shares. The stock had previously closed at $3.96.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Ventum Cap Mkts raised shares of enCore Energy to a “strong-buy” rating in a research note on Thursday, August 22nd. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of enCore Energy in a research report on Monday, October 7th.

enCore Energy Stock Performance

The stock has a market cap of $811.38 million, a PE ratio of -33.08 and a beta of -0.02. The firm has a fifty day moving average price of $3.71 and a 200 day moving average price of $4.07.

enCore Energy (NASDAQ:EU) last released its earnings results on Wednesday, August 14th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.06). The company had revenue of $5.32 million for the quarter, compared to the consensus estimate of $13.10 million. On average, equities research analysts forecast that enCore Energy Corp. will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EU. Principal Financial Group Inc. lifted its position in shares of enCore Energy by 19.6% during the 2nd quarter. Principal Financial Group Inc. now owns 22,317 shares of the company’s stock valued at $88,000 after buying an additional 3,652 shares in the last quarter. ProShare Advisors LLC grew its position in shares of enCore Energy by 20.9% in the first quarter. ProShare Advisors LLC now owns 29,368 shares of the company’s stock valued at $129,000 after purchasing an additional 5,074 shares during the period. American International Group Inc. increased its stake in shares of enCore Energy by 10.4% during the first quarter. American International Group Inc. now owns 80,557 shares of the company’s stock worth $353,000 after purchasing an additional 7,602 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of enCore Energy by 23.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 46,585 shares of the company’s stock worth $205,000 after purchasing an additional 8,954 shares during the last quarter. Finally, Rathbones Group PLC purchased a new position in enCore Energy in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 20.86% of the company’s stock.

enCore Energy Company Profile

enCore Energy Corp. engages in the acquisition, exploration, and development of uranium resource properties in the United States. It holds a 100% interest in Crownpoint and Hosta Butte uranium project area covers 3,020 acres located in the Grants Uranium Belt, New Mexico. The company also holds interest in the Marquez-Juan Tafoya property comprises 14,582 acres located in McKinley and Sandoval counties of New Mexico; and the Nose Rock project comprising 42 owned unpatented lode mining claims comprising approximately 800 acres located in McKinley County, New Mexico.