Denison Mine (NYSEAMERICAN:DNN) Shares Gap Down - Time to Sell?

Key Points

• Denison Mine Corp's shares gapped down from $3.09 to $2.91 at the market opening, with a trading volume of 18,935,671 shares.
• Despite the price drop, several analysts maintain an "outperform" rating for Denison Mine, with a consensus rating of "Buy" and an average target price of $2.75.
• Institutional investors have significantly increased their holdings in Denison Mine, with Russell Investments raising its stake by 979,732.3% in the first quarter alone.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML's share price gapped down before the market opened on Friday . The stock had previously closed at $3.09, but opened at $2.91. Denison Mine shares last traded at $2.91, with a volume of 18,935,671 shares changing hands.

Wall Street Analyst Weigh In

DNN has been the subject of several recent research reports. Scotiabank restated an "outperform" rating on shares of Denison Mine in a research report on Thursday, August 7th. National Bankshares reaffirmed an "outperform" rating on shares of Denison Mine in a research note on Monday, August 18th. Raymond James Financial reissued an "outperform" rating on shares of Denison Mine in a research note on Friday, October 10th. TD Securities reissued a "buy" rating on shares of Denison Mine in a research note on Monday, August 11th. Finally, Desjardins raised shares of Denison Mine to a "moderate buy" rating in a research note on Monday, August 18th. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $2.75.

Denison Mine Price Performance

The company's fifty day simple moving average is $2.49 and its two-hundred day simple moving average is $1.95. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -48.58 and a beta of 1.32.

Institutional Trading of Denison Mine

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings 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 purchasing an additional 969,935 shares during the last quarter. Quantbot Technologies LP increased its holdings in Denison Mine by 66.6% during the first quarter. Quantbot Technologies LP now owns 962,991 shares of the basic materials company's stock worth $1,252,000 after buying an additional 384,878 shares during the last quarter. Tejara Capital Ltd purchased a new stake in Denison Mine during the first quarter worth about $1,008,000. Triasima Portfolio Management inc. purchased a new stake in Denison Mine during the first quarter worth about $455,000. Finally, Acuitas Investments LLC purchased a new stake in Denison Mine during the first quarter worth about $437,000. Hedge funds and other institutional investors 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.

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