In a report published Friday, Dahlman Rose reiterated its Buy rating on Uranium Resources (NASDAQ: URRE), but lowered its price target from $10.00 to $3.90.
Dahlman Rose noted, “We’ve updated our model to account for recent issuances and a reverse split. URRE completed a capital raise to complete its acquisition of Neutron Energy during 3Q and made additional sales from its ATM during 3Q and early 4Q. The company completed a 1-for-10 reverse split in mid-January in order to regain compliance with NASDAQ’s minimum bid requirement and also recently completed a rights offering for the issuance of approx 3.4MM shares. URRE’s ATM agreement had a total of $9MM available for future issuance as of Oct 31.”
Uranium Resources closed on Thursday at $2.67.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Dahlman Rose
Posted in: Analyst Color, Price Target, Analyst Ratings