Shares of Uranium Energy Corp. (NYSE:UEC) were trading lower after the company Tuesday reported its fiscal third-quarter results.

The company is likely preserving its purchased uranium inventory and waiting for stronger uranium prices, according to HC Wainwright.

The Uranium Energy Analyst: Analyst Heiko Ihle reiterated a Buy rating and price target of $26.75.

The Uranium Energy Thesis: The company recorded no revenue, and its net loss widened to $52.3 million, or $0.11 per share, from a net loss of $30.2 million, or 7 cents per share, in the same quarter in the previous fiscal year, Ihle said in the note.

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Production at Uranium Energy's Christensen Ranch reached 146,550 pounds (lbs) of U3O8 and the company began operations at Burke Hollow.

Management chose to preserve its purchased uranium inventory and not sell it into the spot market during ...