Cameco Rises 0.72% on Analyst Optimism and Strong Earnings Despite 337th-Ranked $290M Volume and 942% Spike in Bearish Put Options

Cameco (CCJ) closed 0.72% higher on August 8, 2025, with a trading volume of $0.29 billion, ranking 337th in market activity. Unusual options activity emerged as investors purchased 28,210 put options, a 942% increase compared to the average daily volume. This surge in bearish positioning contrasts with recent analyst optimism, as 12 of 15 analysts maintain “buy” ratings, with Goldman Sachs raising its price target to $78 and TD Securities reaffirming a “buy” recommendation.

Institutional activity highlighted mixed sentiment. Telemark Asset Management LLC reduced its stake by 23.1% in Q1, while Kayne Anderson Capital Advisors LP and Balefire LLC boosted holdings by 41.6% and 42.9%, respectively. Vanguard and Galibier Capital also entered new positions, with the latter committing $11.66 million. Hedge funds now own 70.21% of the stock, reflecting institutional confidence despite short-term volatility.

Earnings momentum supported the rally, with Cameco reporting Q2 net income of $321 million and a 46.7% year-over-year revenue increase. The company revised its uranium price forecast to $87 per pound, driven by robust demand in its Uranium and Fuel Services segments. Analysts project 2025 earnings at $1.27 per share, though the stock’s beta of 1.06 suggests sensitivity to market swings.

Backtesting from 2022 to present showed a 166.71% return for a strategy buying top 500 high-volume stocks and holding for one day, outperforming the benchmark by 137.53%. This underscores liquidity’s role in short-term performance, though long-term viability remains untested. Investors should weigh high-volume dynamics against Cameco’s sector-specific fundamentals and analyst-driven price targets.