Stock Traders Purchase High Volume of Put Options on Denison Mine (NYSEAMERICAN:DNN)

Key Points

• Put-option activity surged: Investors purchased 10,107 put options on Denison Mines, more than double the typical daily volume of 4,982 contracts.
• Analyst sentiment remains favorable: Six analysts rate the stock a Buy and one rates it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $5.38.
• The stock rose modestly to $2.65: Denison Mines is down from its 50-day and 200-day moving averages, while institutional investors—including Tidal Investments—have increased their holdings; institutions own 36.74% of the company.

Denison Mine Corp (NYSEAMERICAN:DNN - Get Free Report) TSE: DML was the target of unusually large options trading on Friday. Investors purchased 10,107 put options on the stock. This is an increase of 103% compared to the typical daily volume of 4,982 put options.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Jefferies Financial Group started coverage on Denison Mine in a research note on Thursday, September 3rd. They issued a "buy" rating for the company. Royal Bank Of Canada started coverage on shares of Denison Mine in a research note on Monday, July 13th. They set an "outperform" rating for the company. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $5.38.

Institutional Investors Weigh In On Denison Mine

Large investors have recently made changes to their positions in the stock. Tidal Investments LLC lifted its position in Denison Mine by 210.5% in the second quarter. Tidal Investments LLC now owns 1,446,030 shares of the basic materials company's stock valued at $4,425,000 after buying an additional 980,277 shares during the last quarter. NewEdge Advisors LLC increased its stake in Denison Mine by 70.7% in the second quarter. NewEdge Advisors LLC now owns 15,367 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 6,363 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Denison Mine in the second quarter valued at $1,234,000. Amundi purchased a new position in shares of Denison Mine during the second quarter worth approximately $606,000. Finally, HighTower Advisors LLC acquired a new position in Denison Mine in the 2nd quarter valued at about $394,000. 36.74% of the stock is currently owned by hedge funds and other institutional investors.

Denison Mine Stock Up 0.6%

Denison Mine stock traded up $0.01 during mid-day trading on Friday, reaching $2.65. 12,430,639 shares of the company were exchanged, compared to its average volume of 32,644,100. The business has a fifty day moving average of $3.12 and a 200 day moving average of $3.34. Denison Mine has a 12-month low of $2.20 and a 12-month high of $4.43. The firm has a market cap of $2.39 billion, a P/E ratio of -12.02 and a beta of 1.24. The company has a debt-to-equity ratio of 2.38, a quick ratio of 9.14 and a current ratio of 9.41.

Denison Mine Company Profile

Denison Mines Corp. is a Canadian uranium exploration and development company focused on advancing uranium projects and acquiring interests in uranium-producing assets. Its activities are concentrated primarily in the Athabasca Basin of northern Saskatchewan, Canada, one of the world's leading uranium-producing regions.

The company's principal development asset is the Wheeler River project, which includes the Phoenix in-situ recovery uranium project and the Gryphon underground project.

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