Maxim Group Initiates Coverage on Westwater Resources (NASDAQ:WWR)

Maxim Group began coverage on shares of Westwater Resources (NASDAQ:WWR) in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $2.00 price target on the basic materials company’s stock. Maxim Group’s target price would indicate a potential upside of 200.17% from the company’s previous close.

Separately, HC Wainwright restated a “buy” rating and issued a $1.75 target price on shares of Westwater Resources in a report on Tuesday, April 7th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Westwater Resources currently has an average rating of “Buy” and an average target price of $1.88.

Westwater Resources Stock Performance

Westwater Resources stock opened at $0.67 on Wednesday. The firm has a market cap of $83.09 million, a price-to-earnings ratio of -5.13 and a beta of 1.69. Westwater Resources has a 1 year low of $0.45 and a 1 year high of $3.75. The firm’s 50 day moving average price is $0.76 and its two-hundred day moving average price is $1.03.

Institutional Trading of Westwater Resources

Several large investors have recently added to or reduced their stakes in WWR. Evernest Financial Advisors LLC purchased a new stake in shares of Westwater Resources in the third quarter valued at $95,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Westwater Resources during the fourth quarter valued at $50,000. Renaissance Technologies LLC grew its holdings in shares of Westwater Resources by 169.4% during the fourth quarter. Renaissance Technologies LLC now owns 2,836,890 shares of the basic materials company’s stock valued at $2,128,000 after buying an additional 1,783,833 shares in the last quarter. Two Sigma Investments LP acquired a new position in Westwater Resources during the third quarter valued at $972,000. Finally, Geode Capital Management LLC raised its position in Westwater Resources by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 1,288,757 shares of the basic materials company’s stock valued at $967,000 after buying an additional 454,005 shares during the period. 7.72% of the stock is owned by institutional investors and hedge funds.

Westwater Resources Company Profile

Westwater Resources, Inc (NASDAQ: WWR) is a Houston‐based mineral development company focused on advancing sustainable sources of battery‐grade graphite for the lithium‐ion battery market. The company’s primary asset is the Coosa Graphite Project in east‐central Alabama, where Westwater is working to establish a fully integrated, U.S.‐based supply chain for natural spherical graphite. By leveraging in‐house purification and spheronization technology, Westwater aims to produce high‐purity graphite suitable for electric vehicle and stationary energy storage applications.

Originally founded as a diversified natural resources company, Westwater Resources has realigned its strategy toward critical battery minerals.