Denison Mine (NYSEAMERICAN:DNN) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Technical breakout: DNN crossed above its 200-day moving average of $3.30, trading as high as $4.00 and last at $3.80 on heavy volume (~21.16M shares).
• Strong analyst sentiment: The stock carries an average Wall Street rating of "Buy" with an average target of $5.38, while several firms (including TD Securities) have raised targets and issued buy/strong-buy calls.
• Institutional buying and fundamentals: Multiple institutions (RBC, Millennium, Goldman, UBS) increased holdings and institutional investors own ~36.7% of shares; Denison is a uranium explorer whose flagship asset is the Wheeler River project.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $3.30 and traded as high as $4.00. Denison Mine shares last traded at $3.80, with a volume of 21,160,151 shares.

Wall Street Analysts Forecast Growth

DNN has been the subject of a number of research reports. Roth Mkm reissued a "buy" rating and set a $4.25 target price on shares of Denison Mine in a research note on Wednesday, February 18th. Raymond James Financial reissued an "outperform" rating on shares of Denison Mine in a research note on Wednesday, January 14th. Zacks Research raised Denison Mine from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 11th. TD Securities increased their target price on Denison Mine from $6.00 to $6.50 and gave the stock a "buy" rating in a research note on Thursday, March 12th. Finally, Scotiabank reissued an "outperform" rating on shares of Denison Mine in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $5.38.

Denison Mine Stock Down 3.1%

The firm has a fifty day simple moving average of $3.80 and a 200-day simple moving average of $3.30. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -22.35 and a beta of 1.25. The company has a debt-to-equity ratio of 1.66, a quick ratio of 10.51 and a current ratio of 10.75.

Institutional Investors Weigh In On Denison Mine

A number of hedge funds and other institutional investors have recently modified their holdings of DNN. Royal Bank of Canada lifted its holdings in shares of Denison Mine by 14.6% during the first quarter. Royal Bank of Canada now owns 4,317,738 shares of the basic materials company's stock worth $5,613,000 after buying an additional 550,064 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Denison Mine by 11.5% during the first quarter. Millennium Management LLC now owns 5,710,330 shares of the basic materials company's stock worth $7,423,000 after buying an additional 587,352 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Denison Mine by 2.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,687,875 shares of the basic materials company's stock worth $2,194,000 after buying an additional 45,125 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Denison Mine by 62.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,504,193 shares of the basic materials company's stock worth $1,955,000 after buying an additional 578,365 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Denison Mine by 29.4% in the second quarter. Envestnet Asset Management Inc. now owns 55,962 shares of the basic materials company's stock worth $102,000 after purchasing an additional 12,705 shares during the period. Institutional investors and hedge funds own 36.74% of the company's stock.

Denison Mine Company Profile

Denison Mines Corp. NYSEAMERICAN: DNN is a Canada-based uranium exploration and development company focused on the Athabasca Basin region of Saskatchewan. The company's core business is the discovery, evaluation and advancement of high-grade uranium projects that can supply fuel for the global nuclear power industry.

Denison's flagship asset is the 66.9%-owned Wheeler River Project, one of the largest undeveloped high-grade uranium deposits in the Athabasca Basin. In addition to Wheeler River, Denison holds interests in several other exploration properties across northern Saskatchewan and maintains a strategic partnership in the McClean Lake uranium mill, providing it with downstream processing capabilities for future production.

Founded in 1974, Denison Mines has accumulated decades of geological expertise in one of the world's most prolific uranium districts.

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