Uranium Energy Corp stock (NYSEAMERICAN:UEC) Stock Went Up 16% Last Week: But Why?
Considering the strong performance delivered by the Uranium Energy Corp stock (NYSEAMERICAN:UEC) last week, it is quite likely that the stock is going to come into focus among investors this week as well.
Market Stats
On Friday, UEC stock fell 0.36% to $5.47 with more than 8.50 million shares, compared to its average volume of 8.01 million shares. The stock has moved within a range of $5.35 – 5.79 after opening trading at $5.50.
Recent News
Last week, the stock had been one of the major movers and had ended the week with gains of as much as 16%. Last week, Uranium Energy Corp had come into focus after it announced that it had inked a definitive share purchase agreement with the company Uranium One Investments Inc. In this regard, it should also be noted that Uranium One Investments is a subsidiary company of Uranium One Inc.
As per the agreement, Uranium Energy Corp is going to pick up all the outstanding and issued shares of the company Uranium One Americas Inc. The total price for completing the acquisition stands at $112 million.
The possibility of such an acquisition naturally gave rise to significant optimism among investors and it is understandable considering the fact that Uranium One is currently the fourth biggest producer of uranium in the planet. It is now going to be interesting to see if the stock can continue to add to its gains this week.
Traders Corner
UEC stock is trading above the 20-Day and 50-Day Moving averages of $4.44 and $3.60 respectively. Moreover, the stock is trading above the 200-Day moving average of $2.85. The stock is up 63 % in the past month.
