Boss Energy Ltd (ASX: BOE) shares are charging higher today.
Again.
Shares in the S&P/ASX 200 Index (ASX: XJO) uranium stock have enjoyed a stellar run since hitting one-year-plus closing lows of $2.10 on 7 April.
In afternoon trade today, shares are up 2.9% at $4.06 apiece.
This sees Boss Energy shares up a whopping 93.3% in just four trading weeks.
That will undoubtedly come as welcome news to faithful shareholders. Though not so much for the throng of short-sellers betting against the uranium miner.
Boss again kicked off the week as the most shorted stock on the ASX, with a short interest of 24.9%.
So, will the short sellers be proven right over the coming weeks? Or can Boss Energy shares keep charging higher?
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Should I buy Boss Energy shares today?
MPC Markets' Mark Gardner recently ran his slide rule over Boss Energy shares (courtesy of The Bull).
"This uranium company delivered a pivotal March quarter," said Gardner, who has a hold recommendation on the stock for now.
Over the March quarter, Boss Energy drummed 295,819 pounds of uranium, up 116% from the December quarter. And the miner's ion exchange (IX) uranium production was up 15% to 246,869 pounds at its South Australia Honeymoon mine.
Gardner noted that Boss achieved "first positive free cash flow from the Honeymoon project, underpinned by strong uranium prices and industry-leading C1 costs well below guidance and consensus estimates".
Global uranium prices have rebounded from US$64 per pound in early April to just over US$71 per pound on Monday. Though its still well below last year's levels. Twelve months ago, the nuclear fuel was fetching US$93 per pound, which helps explain why Boss Energy shares are still down 29% since this time last year.
"Production ramp-up is accelerating and Boss retains a robust financial position," Gardner added.
Indeed, as at 31 March, the ASX 200 miner held $229 million in cash and liquid assets.
As for why Boss Energy shares are a hold, Gardner said, "Our hold recommendation balances cost leadership and leverage to uranium market upside against sector volatility and execution risks."
A more bullish take on the ASX 200 uranium stock
Following the release of Boss Energy's quarterly results on 29 April, Bell Potter retained its buy rating on the stock.
"We continue to see positive fundamentals for uranium, absent the depressed spot price, and forecast a strong 4Q FY 2025 result for Honeymoon," Bell Potter noted.
The broker has a $4.65 price target on Boss Energy shares. That represents a potential upside of almost 15% from current levels.
