UR-Energy (URG) PT Lowered to $3.30 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle lowered the price target on UR-Energy (NYSE: URG) to $3.30 (from $3.40) while maintaining a Buy rating.

The analyst commented: "On May 6, Ur-Energy announced its 1Q24 financial results. While largely irrelevant given its transitionary nature, we nonetheless note that the company recorded no revenue and a net loss of $18.5M, or ($0.07) per share during the period. This compares to 1Q23 revenue of $6.4M and a net loss of $0.7M, or ($0.00) per share. Although URG recorded no sales of U3O8 during the quarter, the firm still incurred $1.1M worth of sales costs that were driven by a variety of site expenditures. Additionally, development costs for the company increased by $10.4M, when compared to 1Q23, due to increased drilling activity amid higher costs of materials. Finally, we highlight that URG maintains a strong balance sheet as the firm ended the quarter with $53.9M in cash and cash equivalents, $4.7M of inventory, and no outstanding debt. Reiterate Buy rating while decreasing PT to $3.30 from $3.40."

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