SoFi CEO enters prepaid forward contract on 1.5 million shares
William Sheriff, Executive Chairman of enCore Energy Corp. (NASDAQ:EU), made significant stock purchases recently, acquiring a total of 60,000 shares. The transactions, disclosed in a recent SEC filing, occurred on March 20 and March 24, with shares purchased at prices ranging from $1.60 to $1.6553 each. These purchases come as the stock has experienced a notable decline of over 51% year-to-date, according to InvestingPro data. The total value of these transactions amounted to approximately $97,935. Following these acquisitions, Sherman’s direct ownership in the company increased to 2,270,055 shares. With the current stock price at $1.62 and analyst targets ranging from $5.00 to $5.04, this insider buying activity could be significant. InvestingPro subscribers can access detailed insider trading patterns and 15 additional key insights about EU’s financial health and market position.
In other recent news, enCore Energy Corp. reported a significant increase in revenue for 2024, reaching $58.3 million, up from $22.1 million in 2023. Despite this growth, the company faced a net loss of $68.0 million, deepening from the previous year’s loss of $25.6 million. The revenue surge was primarily due to the sale of 720,000 pounds of uranium oxide at an average price of $81.00 per pound. In a strategic move, enCore Energy has also entered into an agreement with Verdera Energy Corp. to sell a subsidiary holding several uranium projects in New Mexico. This transaction includes 50 million non-voting preferred shares and a cash payment of $350,000, with the deal expected to close by March 31, 2025. Furthermore, H.C. Wainwright adjusted its price target for enCore Energy to $2.75 from $7.00, maintaining a Buy rating despite the revision. The firm cited changes in valuation and production forecasts as reasons for the adjustment. Meanwhile, enCore Energy is accelerating its uranium extraction efforts in South Texas, focusing on the Alta Mesa project to enhance recovery rates.
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