PDN has endured a tough few weeks after releasing a very disappointing September quarterly update. Lower production/sales volumes, higher costs, and frustrating rhetoric around the proposed Fission acquisition weighed on the stock. However, the savage decline is unjustified in our opinion, and the stock looks good value sub $10 for medium-term exposure to the uranium thematic. That said, position sizing is always very important, and we have enough exposure. We own PDN in our Emerging Companies and Active Growth Portfolios.
- We like uranium stocks into weakness; unfortunately, PDN’s performance has been worse than most.
- In contrast, the world’s largest publicly traded uranium stock, Cameco Corp (CCJ US), made fresh all-time highs in late October – 2024 has been a year of the strong getting stronger.
MM long and bullish PDN below $10
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