Denison Mine (NYSEAMERICAN:DNN) Shares Gap Down - Should You Sell?

Key Points

• Denison Mine Corp shares opened at $2.00 after previously closing at $2.16, marking a gap down in trading.
• Analysts maintain a strong bullish outlook with a consensus target price of $3.00 and a majority of ratings categorized as either "buy" or "strong buy."
• Institutional investors have actively increased their stakes, with hedge funds owning 36.74% of the company’s stock, highlighting growing interest in Denison Mine.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML's share price gapped down prior to trading on Wednesday . The stock had previously closed at $2.16, but opened at $2.00. Denison Mine shares last traded at $2.02, with a volume of 66,680,439 shares trading hands.

Analysts Set New Price Targets

DNN has been the subject of a number of research reports. Raymond James Financial reissued an "outperform" rating on shares of Denison Mine in a report on Monday. TD Securities restated a "buy" rating on shares of Denison Mine in a report on Monday, August 11th. Scotiabank restated an "outperform" rating on shares of Denison Mine in a report on Thursday, August 7th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Denison Mine in a research note on Monday. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Denison Mine has an average rating of "Buy" and an average price target of $3.00.

Denison Mine Stock Performance

The firm has a market cap of $1.85 billion, a P/E ratio of -34.33 and a beta of 1.39. The firm has a 50 day simple moving average of $1.94 and a 200 day simple moving average of $1.68.

Institutional Trading of Denison Mine

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. purchased a new stake in shares of Denison Mine during the fourth quarter worth about $501,000. Geode Capital Management LLC boosted its holdings in Denison Mine by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 432,019 shares of the basic materials company's stock worth $792,000 after acquiring an additional 11,296 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Denison Mine by 35.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 33,633 shares of the basic materials company's stock worth $61,000 after acquiring an additional 8,783 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Denison Mine during the fourth quarter valued at $3,543,000. Finally, Raymond James Financial Inc. bought a new position in shares of Denison Mine during the fourth quarter valued at $102,000. Institutional investors own 36.74% of the company's stock.

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.