Cameco Co. (NYSE:CCJ) Sees Significant Drop in Short Interest

Cameco Co. (NYSE:CCJGet Rating) (TSE:CCO) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 15,420,000 shares, a decrease of 8.7% from the October 15th total of 16,890,000 shares. Approximately 3.9% of the shares of the stock are sold short. Based on an average daily volume of 7,530,000 shares, the days-to-cover ratio is presently 2.0 days.

Analyst Ratings Changes

CCJ has been the subject of several recent analyst reports. TD Securities upped their price objective on shares of Cameco from C$40.00 to C$41.00 in a research report on Friday, October 28th. Canaccord Genuity Group boosted their target price on Cameco from C$43.00 to C$44.00 and gave the stock a “buy” rating in a research note on Wednesday, October 26th. Scotiabank lowered their target price on Cameco from C$44.00 to C$42.00 in a research note on Tuesday, October 18th. Finally, downgraded Cameco from a “hold” rating to a “sell” rating in a research note on Friday, October 28th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cameco presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Cameco Stock Performance

Cameco stock opened at $23.74 on Friday. The company has a market capitalization of $10.27 billion, a P/E ratio of 107.55, a P/E/G ratio of 2.20 and a beta of 0.89. Cameco has a 1 year low of $18.03 and a 1 year high of $32.49. The business has a 50 day moving average of $25.42 and a 200-day moving average of $24.61. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.11 and a quick ratio of 4.03.

Hedge Funds Weigh In On Cameco

A number of institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank bought a new position in shares of Cameco in the 1st quarter worth $245,000. Parallel Advisors LLC lifted its holdings in shares of Cameco by 107.7% in the 1st quarter. Parallel Advisors LLC now owns 5,451 shares of the basic materials company’s stock worth $153,000 after purchasing an additional 2,827 shares in the last quarter. Belpointe Asset Management LLC bought a new position in shares of Cameco in the 1st quarter worth $140,000. Summit Global Investments bought a new position in shares of Cameco in the 1st quarter worth $441,000. Finally, Integrated Advisors Network LLC bought a new position in shares of Cameco in the 1st quarter worth $334,000. 58.85% of the stock is currently owned by institutional investors.

About Cameco

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Cameco Corporation produces and sells uranium. It operates through two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.

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