Denison Mines (NYSEAMERICAN:DNN) Shares Gap Up - Here's Why

Shares of Denison Mines Corp. (NYSEAMERICAN:DNN - Get Free Report) TSE: DML gapped up prior to trading on Friday . The stock had previously closed at $1.50, but opened at $1.58. Denison Mines shares last traded at $1.67, with a volume of 28,876,528 shares changing hands.

Wall Street Analysts Forecast Growth

DNN has been the topic of several recent research reports. Desjardins initiated coverage on shares of Denison Mines in a research note on Friday, April 4th. They issued a "buy" rating on the stock. Scotiabank reiterated an "outperform" rating on shares of Denison Mines in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Denison Mines presently has an average rating of "Buy" and an average target price of $3.00.

Denison Mines Stock Up 0.6%

The firm has a 50 day moving average price of $1.40 and a 200 day moving average price of $1.76. The stock has a market cap of $1.53 billion, a P/E ratio of -171.00 and a beta of 1.75.

Institutional Investors Weigh In On Denison Mines

Institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new stake in Denison Mines in the 4th quarter valued at $35,837,000. MMCAP International Inc. SPC increased its holdings in shares of Denison Mines by 36.4% in the first quarter. MMCAP International Inc. SPC now owns 23,895,317 shares of the basic materials company's stock worth $31,064,000 after purchasing an additional 6,371,531 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Denison Mines by 43.3% in the fourth quarter. Van ECK Associates Corp now owns 20,879,491 shares of the basic materials company's stock worth $37,595,000 after purchasing an additional 6,305,332 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Denison Mines by 393.3% in the fourth 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 last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Denison Mines by 116.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,131,404 shares of the basic materials company's stock worth $12,932,000 after purchasing an additional 3,838,504 shares during the last quarter. Institutional investors own 36.74% of the company's stock.

Denison Mines 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.