Denison Mine (NYSEAMERICAN:DNN) Reaches New 1-Year High - Still a Buy?

Key Points

• Denison Mine Corp shares reached a new 52-week high of $2.96, with the stock closing at $2.91 on significant trading volume.
• Multiple brokerages upgraded Denison Mine to a "buy" rating, leading to an average target price of $2.75 for the stock, indicating strong analyst confidence.
• Institutional ownership is noteworthy, with 36.74% of Denison Mine shares currently held by institutional investors, reflecting increased interest in the company.

Shares of Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML hit a new 52-week high on Monday . The stock traded as high as $2.96 and last traded at $2.91, with a volume of 14886619 shares. The stock had previously closed at $2.80.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DNN. Desjardins upgraded shares of Denison Mine to a "moderate buy" rating in a research note on Monday, August 18th. TD Securities restated a "buy" rating on shares of Denison Mine in a research note on Monday, August 11th. Raymond James Financial reiterated an "outperform" rating on shares of Denison Mine in a research report on Monday, August 18th. Scotiabank reiterated an "outperform" rating on shares of Denison Mine in a report on Thursday, August 7th. Finally, National Bankshares restated an "outperform" rating on shares of Denison Mine in a research note on Monday, August 18th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, Denison Mine presently has an average rating of "Buy" and an average target price of $2.75.

Denison Mine Trading Up 0.9%

The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -47.08 and a beta of 1.32. The stock has a 50-day moving average of $2.34 and a 200-day moving average of $1.85.

Institutional Trading of Denison Mine

Several hedge funds have recently bought and sold shares of DNN. MMCAP International Inc. SPC grew its position in Denison Mine by 36.4% in the 1st quarter. MMCAP International Inc. SPC now owns 23,895,317 shares of the basic materials company's stock worth $31,064,000 after purchasing an additional 6,371,531 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Denison Mine in the 2nd quarter worth approximately $7,998,000. BW Gestao de Investimentos Ltda. bought a new position in Denison Mine in the 2nd quarter worth approximately $5,333,000. Vident Advisory LLC increased its position in Denison Mine by 41.9% in the 2nd quarter. Vident Advisory LLC now owns 9,755,610 shares of the basic materials company's stock valued at $17,755,000 after acquiring an additional 2,881,618 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Denison Mine by 35.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,945,229 shares of the basic materials company's stock valued at $16,367,000 after acquiring an additional 2,338,325 shares in the last quarter. 36.74% of the stock is currently owned by institutional investors.

Denison Mine Company Profile

Denison Mines Corp. engages in the acquisition, exploration, and development of uranium bearing properties in Canada. Its flagship project is the Wheeler River uranium project covering an area of approximately 300,000 hectares located in the Athabasca Basin region in northern Saskatchewan. The company was formerly known as International Uranium Corporation and changed its name to Denison Mines Corp.

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