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

Key Points

• Denison Mine Corp shares hit a new 52-week high of $2.61, closing at $2.58, with a significant trading volume of over 96 million shares.
• The stock has received favorable ratings from multiple analysts, with an average price target of $3.00 and a majority rating of "Buy."
• Institutional investors hold 36.74% of Denison Mine's stock, indicating strong interest from hedge funds and investment firms in the company.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $2.61 and last traded at $2.58, with a volume of 96533610 shares traded. The stock had previously closed at $2.37.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DNN shares. TD Securities restated a "buy" rating on shares of Denison Mine in a research report on Monday, August 11th. Desjardins upgraded shares of Denison Mine to a "moderate buy" rating in a research report on Monday, August 18th. Scotiabank reiterated an "outperform" rating on shares of Denison Mine in a research report on Thursday, August 7th. National Bankshares restated an "outperform" rating on shares of Denison Mine in a report on Monday, August 18th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Denison Mine in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $3.00.

Denison Mine Price Performance

The company has a market capitalization of $2.39 billion, a PE ratio of -44.50 and a beta of 1.38. The company's 50 day simple moving average is $2.20 and its 200 day simple moving average is $1.75.

Institutional Investors Weigh In On Denison Mine

Several hedge funds have recently modified their holdings of DNN. MMCAP International Inc. SPC increased its position in Denison Mine by 36.4% during 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 in the last quarter. Vident Advisory LLC increased its position in Denison Mine by 41.9% in the second quarter. Vident Advisory LLC now owns 9,755,610 shares of the basic materials company's stock worth $17,755,000 after buying an additional 2,881,618 shares during the period. TD Asset Management Inc grew its stake in shares of Denison Mine by 4.1% in the second quarter. TD Asset Management Inc now owns 8,987,804 shares of the basic materials company's stock worth $16,401,000 after purchasing an additional 352,195 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Denison Mine by 35.4% during the second 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 buying an additional 2,338,325 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Denison Mine by 11.5% in the 1st quarter. Millennium Management LLC now owns 5,710,330 shares of the basic materials company's stock valued at $7,423,000 after purchasing an additional 587,352 shares during the period. 36.74% of the stock is owned by institutional investors and hedge funds.

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.