Uranium Energy slides as Kerrisdale says short shares, calls miner ‘radioactive’

Shares of Uranium Energy (UEC) are under pressure on Thursday following a report by Kerrisdale Capital, saying it is short shares. "We are short shares of Uranium Energy Corporation, a ‘fast growing’ $1.2 billion uranium miner that has indeed exhibited a blistering growth rate since its entry into the uranium business in 2005, but on the wrong metric – shares outstanding, the company’s best-selling product, which have grown by an astounding 10x over that time. Revenue from selling mined uranium has been much less consistent, first making an appearance in Fiscal 2012 and last seen in Fiscal 2013." "Over the course of the last two uranium bull markets – in 2006-7 and 2010-11 – UEC completely failed to exploit the run-up in prices… While we’re presently optimistic on uranium prices and believe that they need to rise to meet continued demand growth, we don’t expect UEC – or its shareholders – to be any more successful this time around," the report reads. "We estimate that UEC’s underlying assets are worth just over $350 million at best, which is about 30% of its current market capitalization." PRICE ACTION: In Thursday morning trading, shares of Uranium Energy have dropped over 11% to $2.82. Uranium Energy hadn’t provided comment at the time of publication. Reference Link