Cameco Corporation entered June already under pressure — and Thursday's 9% single-session drop crystallised what has become a sector-wide rout, not a company-specific stumble.
The stock closed at CAD 144.09 on June 5, down roughly 7% on the week and 8% over the past month. The selloff is not happening in isolation. Close peers Denison Mines fell 12% on the week. NexGen Energy gave back nearly 10%. Uranium Royalty dropped 11%, and smaller names such as ISO Energy and Appia Rare Earths shed 12–16%. The message from the peer group is unambiguous: uranium stocks are being de-risked broadly, and Cameco — the largest and most liquid name — is moving with the tide rather than against it.
Short positioning tells a markedly different story from the price action. Bears have not piled in. Short interest against the free float is just 0.54% — a genuinely low level — and it has been declining steadily, down roughly 1.4% over the week and nearly 4% over the past month. Official FINRA data puts shares short at around 2.65 million with days-to-cover of 2.8. The borrow market is equally relaxed: cost to borrow is running at 0.59% annualised — cheap even by blue-chip standards — and availability is extraordinarily loose at over 4,700% of short interest, meaning there are roughly 47 shares available to borrow for every one currently lent out. The ORTEX short score of 27 sits in the 87th percentile for low short-score rankings, reinforcing that structured short pressure is not a feature of this week's decline.
What the Street collectively thinks about Cameco is harder to pin down from current data. Analyst coverage data in the system is significantly stale and cannot be cited with confidence. What is available from valuation metrics points to a still-demanding multiple: the PE ratio is running near 79x and EV/EBITDA around 33x, both of which have compressed modestly over the past 30 days but remain elevated for a commodity producer. The EV/EBIT factor score ranks near the bottom of the universe at the 2nd percentile, flagging the valuation stretch relative to operating earnings. The dividend score, by contrast, ranks in the 99th percentile — a reflection of Cameco's history of consistent if modest dividends — though the dividend history on file is from 2022 and should not be treated as a current yield guide. EPS momentum over 30 days scores in the 62nd percentile, a middling read that suggests estimates are holding rather than being revised aggressively in either direction.
Institutional ownership is broad and incrementally constructive. Among the top holders reported recently, BMO Asset Management added 772,000 shares to reach roughly 1.38% of the company, Van Eck Associates added 652,000 shares, and ALPS Advisors built 388,000 more — all filings from April and May. Mirae Asset, the largest reported holder at 3.53% of shares, also added 589,000 shares. The direction of flow from active managers is, if anything, into the stock, even as the price has pulled back. Insider activity over the past 90 days has been modest: a net 13,500 shares across several Vice President and CLO-level transactions, all small sells at significance scores of 3 or below — nothing that signals concern from those closest to the business.
The next scheduled event is Q2 earnings on July 31. The most recent print, in early May, saw the stock fall 5.2% on the day and extend to -8.6% over five sessions — a reminder that positive macro narratives around nuclear expansion can coexist with near-term price pain around results. With the stock now trading materially lower than it was heading into that May report, the question for the July print will be whether the pullback has done enough work on valuation to reset expectations — or whether uranium sector sentiment needs to stabilise first.
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