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What’s going on with the Deep Yellow (ASX:DYL) share price today?

The uranium explorer is in focus as the resource continues its recent fall in value…
The post What’s going on with the Deep Yellow (ASX:DYL) share price today? appeared first on The Motley Fool Australia. –

It is a volatile day on the market for the Deep Yellow Limited (ASX: DYL) share price on Thursday.

At the time of writing, shares in the uranium exploration company are down 2.19% to 90 cents. However, the company’s shares touched 86.5 cents earlier in the session, representing a fall of 5.5%.

While the share price is moving lower, traded volume is above average. Heading into lunchtime, more than 2 million Deep Yellow shares have exchanged hands. For comparison, over the past 4 weeks, an average day saw a trading volume of around 3.7 million shares.

A closer look at the Deep Yellow share price

Deep Yellow investors are applying selling pressure today, as the Namibian-focused uranium explorer continues a 20-day long rout. Over this timeframe, the Deep Yellow share price has retreated 35%. This is in tandem with a deepening fallout in the price per pound of the alternative energy resource.

Impacting the perceived value in uranium miners, the energy-dense resource has tumbled around 18% to US$40.45. Although, it is important to give this context. While the recent trend has been downward, the price per pound of uranium is still up 36% from a year ago.

Meanwhile, Deep Yellow is not alone in its poor performance today. Other uranium explorers/miners that are also struggling include Peninsula Energy Ltd (ASX: PEN), 92 Energy Ltd (ASX: 92E), and Bannerman Energy Ltd (ASX: BMN).

Likewise, the Deep Yellow share price remains in the figurative stratosphere compared to this time last year. Over this duration, shareholders have seen the value of their holdings increase nearly threefold.

Recent activity

Interestingly, investor sentiment was not improved following Tuesday’s update revealing a major ore reserve milestone. According to the release, the company completed its resource drilling across the Tumas Project.

From this data, Deep Yellow discerned its ore reserve estimates should be increased by 121%. As a result, the company now believes its project contains 68.4 million pounds of probable ore reserves.

However, the Deep Yellow share price has been unsuccessful in regaining traction since the announcement.

The post What’s going on with the Deep Yellow (ASX:DYL) share price today? appeared first on The Motley Fool Australia.

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More reading

Deep Yellow (ASX:DYL) share price slides 4% despite major ore reserve milestone
How did ASX uranium shares perform in September?

A sea of red for ASX uranium shares. Is the run over?

Are ASX uranium shares fully valued?

Why the Deep Yellow (ASX:DYL) share price is tanking 18% today

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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