Why has the Boss Energy (ASX:BOE) share price tanked 30% in 2 weeks?

The last 2 weeks haven't been good to Boss Energy on the ASX. Here's why.

| More on:
share price plummeting down

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Boss Energy Ltd (ASX: BOE) share price has taken a tumble over the last fortnight despite no news having been released by the uranium producer.

The company's stock is dipping alongside the price of uranium. The commodity's spot price peaked 2 weeks ago today and has been falling since.

In a similar pattern, Boss Energy's shares hit a new 52-week high of 58 cents on 16 September. In fact, over the 30 days ended 17 September, Boss Energy's stock gained a massive 150%.

However, Boss Energy's stock's value has fallen 30.88% over the last fortnight.

At the time of writing, the Boss Energy share price is flat, trading at 24 cents.

Let's take a look at what's been driving Boss Energy's stock down lately.

Why is the Boss share price falling?

The Boss Energy share price is dipping as uranium's day in the sun seemingly comes to a close.

The uranium spot price reached US$50.80 – its highest price since 2013 – on 17 September.

Uranium's surge seemed to have been spurred by Canadian Fund, Sprott Physical Uranium Trust. The trust has been snapping up huge amounts of the commodity off the spot market.

Additionally, as the Wall Street Journal reported, nuclear energy, of which uranium is the key, might have a part to play in decarbonisation.

The commodity could have been boosted by the same influences that saw copper, nickel, and lithium prices surge recently.

Unfortunately, since the spot price of uranium peaked on 17 September, its bullish run has seemingly ended. It has since fallen 18% to US$43.

The Boss Energy share price isn't the only uranium-focused stock that's been dipping over the last 14 days.

Those of fellow uranium explorers Deep Yellow Limited (ASX: DYL) and Peninsula Energy Ltd (ASX: PEN) have fallen comparable amounts over the last 2 weeks.

Motley Fool contributor Brooke Cooper 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.

More on Resources Shares

Man with rocket wings which have flames coming out of them.
Resources Shares

Up 23% today, why Macquarie forecasts this ASX 200 mining stock could rocket another 33%

Macquarie forecasts more outsized gains to come for this surging ASX 200 mining stock.

Read more »

Three mining workers stand proudly in front of a mine smiling because the BHP share price is rising
Resources Shares

Forget gold! This metal just hit record highs and ASX 200 miner BHP is betting big

Let’s find out why.

Read more »

Three miners looking at a tablet.
Broker Notes

Does Macquarie prefer Rio Tinto, Fortescue or BHP shares heading into 2026?

BHP, Rio Tinto, or Fortescue? Macquarie only expects one of the three ASX mining stocks to outperform.

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

3 reasons why the Mineral Resources share price is primed to rebound

Can the troubled miner get out of its hole?

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

4 reasons to buy this surging ASX All Ords mining stock today

A leading wealth manager expects more outperformance from this surging ASX All Ords miner.

Read more »

Miner looking at a tablet.
Resources Shares

What's Macquarie's price target on Mineral Resources shares?

The mining operator's share price has fallen 55% in the past year.

Read more »

Female miner smiling in front of mining vehicle.
Resources Shares

Pilbara Minerals share price is climbing higher today: here's why

Lithium shares have been hit by a continued decline in prices over the past year.

Read more »

A boy with a gold crown stands stoically looking straight ahead.
Resources Shares

Step aside Pilbara Minerals: This ASX 200 mining stock is eyeing the lithium throne

Changing the lithium landscape.

Read more »