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Uranium ETF (URNJ) Hits New 52-Week High
Investors seeking momentum may have Sprott Junior Uranium Miners ETF (URNJ - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of URNJ are up approximately 119.3% from their 52-week low of $13.80/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
URNJ In Focus
The underlying Nasdaq Sprott Junior Uranium Miners Index track the performance of companies that derive at least 50% of their revenue and assets from mining, exploration, development, and production of uranium; earning uranium royalties; and supplying uranium. The fund charges 80 bps in fees.
Why The Move?
Uranium prices were above $90 per pound lately, the highest in over seven weeks, and continuing the surge that started from late 2023 due to supply crunch due to the war in Russia. Supply downgrades of uranium ores from Canada and Kazakhstan last year, has also been compounding the rally for uranium prices due to its bullish long-term demand.
More Gains Ahead?
The fund has a positive weighted alpha of 74.56. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.