This $2.6bn WA Uranium Miner soared over 14% yesterday as its explosive rally over recent weeks continued unabated, “hot money” and momentum traders flocked to the sector, BNPL have become almost passè in just a few months. The re-rating of PDN has been highly correlated to the rally in the underlying uranium price which overnight hit an 8-year high of $US44.15/lb as optimism that the prolonged bear market post the GFC is well and truly behind us. We like the space and stock moving into 2022 but a period of consolidation feels close at hand as the stock tests the psychological $1 area. Uranium stocks overseas were flat overnight.
MM now likes PDN back around 80c
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