Denison Mine Target of Unusually High Options Trading (NYSEAMERICAN:DNN)

Key Points

• Denison Mine Corp experienced a significant increase in options trading with a 217% rise in call options on Wednesday, totaling 18,956 contracts, indicating strong trader interest.
• The company has seen recent hedge fund interest, with several firms increasing their stakes significantly, highlighting a growing confidence in Denison as a potential investment.
• Analysts maintain a positive outlook with Denison Mine having an average rating of "Buy" and a consensus target price of $3.00, indicating expectations for future growth.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML was the recipient of unusually large options trading activity on Wednesday. Traders acquired 18,956 call options on the stock. Thisrepresentsanincreaseof217% compared to the typical daily volume of 5,987 call options.

Denison Mine Stock Performance

Shares of Denison Mine stock traded down $0.14 during trading hours on Wednesday, reaching $2.03. The company's stock had a trading volume of 106,168,420 shares, compared to its average volume of 79,258,641. Denison Mine has a one year low of $1.08 and a one year high of $2.47. The company has a market capitalization of $1.82 billion, a P/E ratio of -33.75 and a beta of 1.39. The stock's fifty day simple moving average is $1.91 and its two-hundred day simple moving average is $1.68.

Hedge Funds Weigh In On Denison Mine

Several hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its position in shares of Denison Mine by 393.3% in the 4th quarter. Millennium Management LLC now owns 5,122,978 shares of the basic materials company's stock worth $9,221,000 after purchasing an additional 4,084,401 shares during the period. Polar Asset Management Partners Inc. bought a new stake in Denison Mine during the 4th quarter valued at about $1,939,000. JPMorgan Chase & Co. bought a new stake in shares of Denison Mine in the fourth quarter worth approximately $501,000. Triasima Portfolio Management inc. bought a new stake in shares of Denison Mine in the first quarter worth approximately $455,000. Finally, Acuitas Investments LLC bought a new stake in shares of Denison Mine in the first quarter worth approximately $437,000. Hedge funds and other institutional investors own 36.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. TD Securities restated a "buy" rating on shares of Denison Mine in a report on Monday. Scotiabank reissued an "outperform" rating on shares of Denison Mine in a research report on Thursday, August 7th. Six research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Denison Mine presently has an average rating of "Buy" and a consensus target price of $3.00.

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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