Energy Fuels (UUUU) Sheds 8.5% on Profit-Taking After 3-Month High

We recently published 10 Big Names Stumbling Hard. Energy Fuels Inc. (NYSEAmerican:UUUU) was one of the worst performers on Monday.

Energy Fuels dropped its share prices by 8.51 percent on Monday to close at $23.33 apiece as investors resorted to profit-taking after soaring to a three-month high and nearly hitting its 52-week record.

During the session, Energy Fuels Inc. (NYSEAmerican:UUUU) notably rallied by 5.7 percent to as high as $26.96—or just $0.37 shy of its highest 52-week price of $27.33 on October 15, but later lost its momentum to finish the session in the red as investors took the opportunity to pocket gains.

In other news, Energy Fuels Inc. (NYSEAmerican:UUUU) last week acquired Australian Strategic Materials Ltd., (ASM) a leading producer of REE metals and alloys, for $299 million, as it aims to create what it believes will be the “largest, fully integrated REE mine-to-metal and alloy producer” outside of China to bridge supply gap for magnet applications, including automotive, robotic, energy, and defense technologies.

“We see an opportunity to deliver an expanded suite of REE products by combining US rare earth oxide production at our White Mesa processing facility in the US with downstream metal and alloy manufacturing capacity at ASM’s Korean Metals Plant, one of the only producing REE metals and alloys facilities outside of China. ASM’s proven skills and intellectual property will also allow us to expand REE metal and alloy capacity in the US,” said Energy Fuels Inc. (NYSEAmerican:UUUU) CEO Mark Chalmers, adding that the company would gain access to the Australian firm’s Dubbo Project, a site designed to produce critical minerals such as rare earths, zirconium, niobium, and hafnium, among others.

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Disclosure: None. This article is originally published at Insider Monkey.