enCore Energy (NASDAQ:EU) Stock Price Down 6.1% – Here’s Why

enCore Energy Corp. (NASDAQ:EU) traded down 6.1% during mid-day trading on Wednesday . The stock traded as low as $4.02 and last traded at $4.03. 325,931 shares were traded during trading, a decline of 73% from the average session volume of 1,223,794 shares. The stock had previously closed at $4.29.

Analysts Set New Price Targets

A number of equities analysts have weighed in on EU shares. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of enCore Energy in a research report on Monday, October 7th. Ventum Cap Mkts upgraded enCore Energy to a “strong-buy” rating in a research note on Thursday, August 22nd.

enCore Energy Price Performance

The company has a market capitalization of $735.77 million, a price-to-earnings ratio of -31.15 and a beta of -0.02. The business’s 50-day moving average price is $3.80 and its two-hundred day moving average price is $4.05.

enCore Energy (NASDAQ:EU) last posted its quarterly 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 during the quarter, compared to analyst estimates of $13.10 million. As a group, research analysts predict that enCore Energy Corp. will post -0.11 EPS for the current year.

Hedge Funds Weigh In On enCore Energy

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

About enCore Energy

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.