The average gain of the three ASX200 uranium miners on Wednesday was almost 6%, with BOE, the weakest advancing +4.75%—not bad for a relatively average performer. We had been calling BOE down to the $4 area for months, a move which unfolded rapidly after the CEO sold around 70% of his holding in one fell swoop in late May. We are not fans of the exit by the CEO and other insiders; our logic for the retracement calls was that the stock and sector had rallied too far, too fast, not a mass exodus of the people who should live and breathe the company. However, we remain very bullish on uranium names after they’ve followed MM’s roadmap and retraced over 30%, i.e. a great risk/reward buy around $4,
- We can see BOE challenging its 2024 high moving forward, but we prefer Paladin (PDN) for local ASX uranium exposure.
MM is bullish toward BOE
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