Denison Mine (NYSEAMERICAN:DNN) Trading 6.2% Higher - Here's Why

Key Points

• Denison Mine Corp shares increased by 6.2%, trading between $3.32 and $3.37, amidst a significant drop in trading volume.
• Multiple investment firms, including Desjardins and Scotiabank, have recently upgraded their ratings, with a consensus rating of "Buy" and an average price target of $2.75.
• Institutional investors now hold 36.74% of Denison Mine’s shares, with notable increases in stakes from firms like DAVENPORT & Co LLC and Osaic Holdings Inc.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML traded up 6.2% during mid-day trading on Thursday . The stock traded as high as $3.32 and last traded at $3.37. 20,044,453 shares were traded during trading, a decline of 75% from the average session volume of 80,149,281 shares. The stock had previously closed at $3.17.

Analyst Upgrades and Downgrades

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

Denison Mine Stock Down 1.0%

The firm has a market cap of $2.81 billion, a P/E ratio of -52.75 and a beta of 1.32. The firm's 50-day simple moving average is $2.47 and its 200 day simple moving average is $1.93.

Institutional Trading of Denison Mine

Several hedge funds have recently added to or reduced their stakes in the stock. DAVENPORT & Co LLC raised its position in Denison Mine by 4,648.7% in the third quarter. DAVENPORT & Co LLC now owns 7,123,000 shares of the basic materials company's stock worth $19,588,000 after acquiring an additional 6,973,000 shares during the period. Confluence Investment Management LLC raised its position in Denison Mine by 8.3% in the third quarter. Confluence Investment Management LLC now owns 289,028 shares of the basic materials company's stock worth $795,000 after acquiring an additional 22,148 shares during the period. L1 Capital Pty Ltd purchased a new position in shares of Denison Mine in the second quarter worth about $552,000. Osaic Holdings Inc. increased its stake in shares of Denison Mine by 24.2% in the second quarter. Osaic Holdings Inc. now owns 54,647 shares of the basic materials company's stock worth $99,000 after purchasing an additional 10,637 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of Denison Mine in the second quarter worth about $38,000. 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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