UAMY heads into its June 12 results having lost nearly a third of its value in a month — yet short sellers aren't celebrating as clearly as the price move suggests.
The borrow story is the most interesting angle here. Availability has been essentially exhausted for most of May and into June — the lending pool ran completely dry through late May, with availability at or near 0% on multiple consecutive sessions. It has only partially loosened, recovering to about 7% by June 8. That means almost every share in the pool has been lent out, restricting new shorts from adding meaningful pressure through the borrow market. Short interest itself is elevated at 22.2% of the free float — a substantial position — but it eased about 4% over the past week and has been broadly flat over the past month, suggesting bears are neither adding aggressively nor covering in size. The cost to borrow has retreated to roughly 2%, down more than a third over the past month, which reflects a modest loosening in demand rather than a full squeeze.
The debate between bulls and bears rests on one number: the price of antimony. HC Wainwright raised its target to $11.75 in mid-May, maintaining a Buy, citing antimony's extraordinary price appreciation — up from roughly $6 per pound to nearly $29 over the past year — and management's $125 million revenue target for 2026. The bull case is that domestic supply investments in Alaska and Montana improve margins as that pricing holds. Bears point to a $3.9 million net loss, heavy share-based compensation weighing on reported earnings, and geopolitical supply risks that could disrupt feedstock. The stock's PE ratio has compressed sharply, down over 10 points over the past week, as the price decline has rapidly reset valuation expectations. At $7.28, UAMY now trades at a meaningful discount to HC Wainwright's $11.75 target — but that is a single covering firm, and no broader analyst consensus has formed around the name.
The insider picture adds a cautionary note. The CFO sold 100,000 shares at $9.75 on June 2 — collecting nearly $975,000 just before the stock fell further. An executive director and a director also sold through March and April. Net insider activity over the past 90 days shows net selling of roughly $8.6 million in value, a material one-directional flow at the C-suite level, all transacted at prices well above where the stock now trades.
Options traders, by contrast, remain unusually relaxed. The put/call ratio runs at 0.29, barely below its 20-day average and near the lower end of its 52-week range — a reading that points to call-side positioning rather than hedging, which sits in stark contrast to both the price action and the insider selling pattern.
The June 12 print will test whether the underlying antimony pricing story can justify a recovery from oversold levels — or whether the insider selling and a tightly constrained lending pool reflect better-informed views about what the results will actually say.
See the live data behind this article on ORTEX.
Open UAMY on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
