On Oct. 6, Westwater Resources stock surged 42.5 percent after shooting up about 87 percent on Oct. 5. The stock surged about 200 percent the previous week. Also, the stock is up more than 300 percent since the beginning of October. Shares of Westwater Resources continue to soar following an executive order signed by President Trump on Sept. 30.
What is Westwater Resources?
Westwater Resources is an explorer and developer of graphite, lithium, vanadium, and uranium deposits in the U.S. The company expects a surge in the demand for battery-related materials due to accelerating electric vehicle production. The company was started in 1977.
What is Westwater Resources' stock news?
Shares of Westwater Resources are rising after the company praised the recent executive order signed by President Trump. The executive order will bolster the domestic mining industry. President Trump is in favor of building domestic supplies of crucial battery-materials for electric vehicles and other devices. The news is important for Westwater Resources since it’s a U.S. mining company.
In a press release, Westwater CEO Christopher M. Jones said that the executive order will open up new avenues for financing and permit Westwater’s graphite projects. The company owns Coosa Graphite Deposits in Alabama. The press release also said, “Westwater is evaluating the Order and how to best approach the relevant agencies in the U.S. Government to emphasize the importance of battery graphite, its importance to the nation’s security, and how the Coosa Graphite Project in Alabama fits into the enactment of critical minerals policy.”
What is President Trump’s mining executive order?
On Sept. 30, President Trump signed a mining executive order. The goal of the executive order is to increase the mining of crucial minerals in the U.S. and to reduce the dependence on foreign nations for these supplies. Westwater Resources said that the U.S. receives 100 percent of its graphite from other countries.
What is Westwater Resources' stock price?
On Oct. 6, Westwater Resources stock surged more than 25 percent in after-hours trading. The stock touched a high of $15 and a low of $11. Westwater Resources stock was up about 8.8 percent at $12.84 in pre-market trading on Wednesday, Oct. 7 as of this article's writing. The stock rose 42.5 percent on Oct. 6 and closed at $11.80 with a market capitalization of $114.8 million. Westwater Resources stock has risen by 370.1 percent in the last five days and 338.7 percent in the last year.
Westwater Resources stock is trading 18.6 percent below its 52-week high of $14.50 and 4,620 percent above its 52-week low of $0.25. Year-to-date, the stock had risen by 459.2 percent as of Oct. 6.
Should you buy Westwater Resources stock?
Currently, Westwater Resources stock is being tracked by one Wall Street analyst. The analyst has a buy rating with a target price of $150.