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

Shares of Denison Mines Corp. (NYSEAMERICAN:DNN - Get Free Report) TSE: DML gapped up prior to trading on Tuesday . The stock had previously closed at $1.52, but opened at $1.61. Denison Mines shares last traded at $1.62, with a volume of 37,613,334 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on DNN shares. Desjardins started coverage on Denison Mines in a research note on Friday, April 4th. They set a "buy" rating for the company. Scotiabank restated an "outperform" rating on shares of Denison Mines in a research note on Tuesday, March 25th. One equities research 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 stock. Based on data from MarketBeat, Denison Mines currently has a consensus rating of "Buy" and an average target price of $3.00.

Denison Mines Stock Performance

The business has a fifty day simple moving average of $1.42 and a 200 day simple moving average of $1.76. The company has a market cap of $1.48 billion, a P/E ratio of -165.00 and a beta of 1.75.

Institutional Trading of Denison Mines

Several hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp increased its position in shares of Denison Mines by 43.3% during the 4th quarter. Van ECK Associates Corp now owns 20,879,491 shares of the basic materials company's stock valued at $37,595,000 after purchasing an additional 6,305,332 shares during the period. Polar Asset Management Partners Inc. acquired a new stake in shares of Denison Mines during the fourth quarter worth $1,939,000. Millennium Management LLC lifted its holdings in shares of Denison Mines by 393.3% during the fourth quarter. Millennium Management LLC now owns 5,122,978 shares of the basic materials company's stock valued at $9,221,000 after purchasing an additional 4,084,401 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Denison Mines during the fourth quarter valued at $501,000. Finally, Summit Financial LLC purchased a new stake in shares of Denison Mines during the fourth quarter valued at $4,283,000. Institutional investors own 36.74% of the company's stock.

About Denison Mines

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.