Denison Mine (NYSEAMERICAN:DNN) Hits New 52-Week High - What's Next?

Key Points

• Denison Mine Corp shares reached a new **52-week high** of $2.75, with significant trading volume of over **22 million shares** on the day.
• Research firms have expressed optimism regarding Denison Mine, as several analysts have issued a **buy** or **outperform** rating, with an average target price of **$3.00**.
• Institutional investors have increased their holdings significantly, with hedge funds owning **36.74%** of the company's stock, indicating strong institutional confidence in the company.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML shares hit a new 52-week high during trading on Monday . The company traded as high as $2.75 and last traded at $2.75, with a volume of 22041149 shares trading hands. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

DNN has been the topic of a number of recent research reports. TD Securities reiterated a "buy" rating on shares of Denison Mine in a research report on Monday, August 11th. National Bankshares restated an "outperform" rating on shares of Denison Mine in a research report on Monday, August 18th. Scotiabank restated an "outperform" rating on shares of Denison Mine in a research report on Thursday, August 7th. Desjardins upgraded Denison Mine to a "moderate buy" rating in a research report on Monday, August 18th. Finally, Raymond James Financial restated an "outperform" rating on shares of Denison Mine in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $3.00.

Denison Mine Price Performance

The firm has a 50-day moving average price of $2.22 and a 200 day moving average price of $1.76. The company has a market cap of $2.49 billion, a price-to-earnings ratio of -46.33 and a beta of 1.38.

Hedge Funds Weigh In On Denison Mine

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of Denison Mine by 393.3% in the fourth quarter. Millennium Management LLC now owns 5,122,978 shares of the basic materials company's stock valued at $9,221,000 after buying an additional 4,084,401 shares during the period. Polar Asset Management Partners Inc. bought a new stake in shares of Denison Mine in the fourth quarter valued at approximately $1,939,000. Russell Investments Group Ltd. boosted its stake in shares of Denison Mine by 979,732.3% in the first quarter. Russell Investments Group Ltd. now owns 970,034 shares of the basic materials company's stock valued at $1,267,000 after buying an additional 969,935 shares during the period. Quantbot Technologies LP boosted its stake in shares of Denison Mine by 66.6% in the first quarter. Quantbot Technologies LP now owns 962,991 shares of the basic materials company's stock valued at $1,252,000 after buying an additional 384,878 shares during the period. Finally, Tejara Capital Ltd bought a new stake in shares of Denison Mine in the first quarter valued at approximately $1,008,000. Institutional investors and hedge funds own 36.74% of the company's stock.

About Denison Mine

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.