5 Best Clean Energy Penny Stocks To Buy Now

2. Uranium Energy Corp. (NYSE:UEC)

Number of Hedge Fund Holders: 12   

Share Price as of August 4: $4.18 

Uranium Energy Corp. (NYSE:UEC) extracts and processes lithium. In mid-June, the company announced that it had agreed to acquire peer UEX Corp in a deal worth C$234 million in stock. The deal, if it goes ahead, will create the largest uranium portfolio that is focused exclusively on the Americas. The former said the deal will double the amount of uranium resources it controls in a politically stable region while only diluting around 13.7% of the shares. It also provides the firm with an entry into rich uranium regions of Saskatchewan and Nunavut. 

On June 15, Canaccord analyst Katie Lachapelle maintained a Speculative Buy rating on Uranium Energy Corp. (NYSE:UEC) stock and raised the price target to $6 from $5.5, noting that the UEX transaction was a net positive for the firm. 

At the end of the first quarter of 2022,12 hedge funds in the database of Insider Monkey held stakes worth $39 million in Uranium Energy Corp. (NYSE:UEC), compared to 10 in the previous quarter worth $15 million. Among the hedge funds being tracked by Insider Monkey, London-based firm Marshall Wace LLP is a leading shareholder in Uranium Energy Corp. (NYSE:UEC), with 5.1 million shares worth more than $23 million.