Investors Purchase Large Volume of Call Options on Denison Mine (NYSEAMERICAN:DNN)

Key Points

• Denison Mine Corp saw a significant increase in options trading, with investors purchasing 10,673 call options, marking a 51% rise compared to its usual volume.
• Research analysts generally have a favorable outlook on Denison Mine, with several firms, including Scotiabank and TD Securities, issuing ratings of "outperform" and "buy," resulting in a consensus "Buy" rating with a target price of $3.00.
• The company is actively engaged in uranium exploration and development in Canada, notably through its flagship Wheeler River project in the Athabasca Basin region.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML was the recipient of some unusual options trading activity on Thursday. Investors bought 10,673 call options on the company. This represents an increase of approximately 51% compared to the typical volume of 7,057 call options.

Analyst Ratings Changes

A number of brokerages have recently weighed in on DNN. Desjardins raised shares of Denison Mine to a "moderate buy" rating in a research note on Monday, August 18th. TD Securities reaffirmed a "buy" rating on shares of Denison Mine in a research report on Monday, August 11th. Scotiabank reaffirmed an "outperform" rating on shares of Denison Mine in a research report on Thursday, August 7th. Raymond James Financial reiterated an "outperform" rating on shares of Denison Mine in a report on Monday, August 18th. Finally, National Bankshares restated an "outperform" rating on shares of Denison Mine in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $3.00.

Denison Mine Price Performance

NYSEAMERICAN:DNN traded down $0.06 during midday trading on Friday, reaching $2.37. The stock had a trading volume of 59,087,321 shares, compared to its average volume of 53,478,448. The stock has a market capitalization of $2.12 billion, a P/E ratio of -39.50 and a beta of 1.38. The firm's fifty day simple moving average is $2.12 and its 200-day simple moving average is $1.72. Denison Mine has a 1-year low of $1.08 and a 1-year high of $2.50.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased its stake in Denison Mine by 393.3% in 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 in the last quarter. Polar Asset Management Partners Inc. bought a new position in Denison Mine during the fourth quarter worth $1,939,000. Russell Investments Group Ltd. boosted its position in Denison Mine by 979,732.3% during the first quarter. Russell Investments Group Ltd. now owns 970,034 shares of the basic materials company's stock worth $1,267,000 after purchasing an additional 969,935 shares during the period. Quantbot Technologies LP boosted its position in shares of Denison Mine by 66.6% in the first quarter. Quantbot Technologies LP now owns 962,991 shares of the basic materials company's stock valued at $1,252,000 after acquiring an additional 384,878 shares during the period. Finally, Tejara Capital Ltd bought a new stake in Denison Mine during the first quarter worth about $1,008,000. 36.74% of the stock is currently owned by institutional investors and hedge funds.

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.