ASX Uranium darling, Paladin Energy +82% FY24 seems due for a rally. A couple important observations for investors / potential clean energy investors
Over the last three weeks investment managers have been BIG net buyers of $PDN, with many taking advantage of its 31% pull back from May. Still, PDN is up 82% over the last 12 months.
Today's ASX $PDN announcement was pleasing. Its production ramp-up and product inventory build-up are underway, ahead of the first customer shipment which is expected in July 2024. Plus it's seeing higher uranium prices. A triple whammy.
Note: Uranium is one of our preferred investment themes as amid the AI drive, data centres need to keep the lights on 24-7 and want cheaper and clean energy. See my prior notes on uranium and why investment houses and rating agencies are upgrading uranium ahead of the US, Canada & Japan's 2050 push, to use uraninum as the clean energy source for households and businesses.
Below we can see the Paladin institutional transactions ahead of EOFY. They have mainly been BUYS as investment managers buy the dip.
Here we can see Paladin looks oversold if you look at the MACD and RSI. PDN is down 31% from May.
Here is today's ASX annoucement
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