Cantor analyst Rob Chang downgraded Uranium Energy two notches to Sell from Buy and lowered his price target to 95c to reflect a lower outlook for uranium prices.

Uranium Energy "applauds" last night's vote by the United States Senate for passing H.R. 1042, a bill to ban Russian uranium imports into the United States, by unanimous consent. The House of Representatives passed the bill in December of 2023. Amir Adnani, Uranium Energy President and CEO stated: "We thank both chambers of Congress for passing this bipartisan bill that demonstrates the U.S. commitment to nuclear energy, the carbon free energy source that powers one in every five homes in America. Upon enactment, this will strengthen United States energy and national security, ending an untenable reliance on Russian uranium imports. This new law, in conjunction with the recently passed Nuclear Fuel Security Act, creates a firm foundation for long-term growth of the U.S. uranium industry to supply the fuel that powers American households, data centers, and industrial base with clean baseload power. As the fastest growing U.S. uranium company, we are delighted to have this exciting backdrop along with positive global uranium market fundamentals and advance the re-start of uranium production in Wyoming this August, followed by the resumption of our South Texas operations next year."

Bullish option flow detected in Uranium Energy with 4,943 calls trading, 3x expected, and implied vol increasing almost 2 points to 53.09%. Aug-24 8 calls and May-24 7 calls are the most active options, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 0.12. Earnings are expected on June 6th.