enCore Energy (NASDAQ:EU) Shares Gap Down – What’s Next?

enCore Energy Corp. (NASDAQ:EU) shares gapped down before the market opened on Monday . The stock had previously closed at $4.40, but opened at $4.27. enCore Energy shares last traded at $4.26, with a volume of 602,603 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on EU. Ventum Cap Mkts upgraded enCore Energy to a “strong-buy” rating in a research note on Thursday, August 22nd. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of enCore Energy in a research note on Monday, October 7th.

enCore Energy Trading Down 6.5 %

The stock has a market capitalization of $739.46 million, a PE ratio of -30.69 and a beta of -0.02. The stock has a 50 day moving average price of $3.77 and a 200-day moving average price of $4.06.

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

Hedge Funds Weigh In On enCore Energy

A number of institutional investors and hedge funds have recently modified their holdings of EU. Azarias Capital Management L.P. raised its holdings in enCore Energy by 28.1% in the 2nd quarter. Azarias Capital Management L.P. now owns 4,814,976 shares of the company’s stock worth $20,590,000 after purchasing an additional 1,056,483 shares during the period. MMCAP International Inc. SPC bought a new position in enCore Energy in the 1st quarter worth $11,055,000. Vident Advisory LLC raised its holdings in enCore Energy by 21.3% in the 1st quarter. Vident Advisory LLC now owns 1,575,173 shares of the company’s stock worth $6,693,000 after purchasing an additional 276,211 shares during the period. Van ECK Associates Corp raised its holdings in enCore Energy by 65.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,286,286 shares of the company’s stock worth $5,068,000 after purchasing an additional 510,176 shares during the period. Finally, Goehring & Rozencwajg Associates LLC raised its holdings in enCore Energy by 10.7% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,082,548 shares of the company’s stock worth $4,265,000 after purchasing an additional 104,900 shares during the period. 20.86% of the stock is currently owned by hedge funds and other institutional investors.

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.