Denison Mines (NYSEAMERICAN:DNN) Trading 5.2% Higher – Time to Buy?

Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) was up 5.2% during trading on Friday . The stock traded as high as $2.43 and last traded at $2.42. Approximately 3,708,066 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 16,879,379 shares. The stock had previously closed at $2.30.

Analyst Ratings Changes

A number of brokerages recently issued reports on DNN. CIBC initiated coverage on Denison Mines in a research note on Thursday, September 26th. They set a “sector outperform” rating and a $3.25 price objective for the company. BMO Capital Markets upgraded Denison Mines from a “market perform” rating to an “outperform” rating in a research report on Wednesday, September 25th. Roth Mkm reissued a “buy” rating and issued a $2.75 target price (up from $2.60) on shares of Denison Mines in a report on Wednesday, October 23rd. Cibc World Mkts raised shares of Denison Mines to a “strong-buy” rating in a research note on Thursday, September 26th. Finally, National Bank Financial raised shares of Denison Mines to a “strong-buy” rating in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, Denison Mines presently has a consensus rating of “Buy” and an average price target of $3.00.

Denison Mines Stock Performance

The stock’s fifty day simple moving average is $2.00. The company has a market cap of $2.15 billion, a P/E ratio of -246.00 and a beta of 1.69.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Hood River Capital Management LLC raised its holdings in shares of Denison Mines by 9.2% in the 2nd quarter. Hood River Capital Management LLC now owns 25,263,766 shares of the basic materials company’s stock valued at $50,275,000 after purchasing an additional 2,138,603 shares in the last quarter. Segra Capital Management LLC grew its stake in Denison Mines by 124.8% during the 3rd quarter. Segra Capital Management LLC now owns 18,268,562 shares of the basic materials company’s stock valued at $33,431,000 after purchasing an additional 10,140,540 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Denison Mines by 96.8% in the third quarter. Van ECK Associates Corp now owns 14,574,159 shares of the basic materials company’s stock valued at $26,671,000 after purchasing an additional 7,168,934 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Denison Mines by 0.5% in the second quarter. Point72 Asset Management L.P. now owns 10,135,800 shares of the basic materials company’s stock worth $20,170,000 after purchasing an additional 46,000 shares during the last quarter. Finally, Bridgewater Associates LP lifted its holdings in shares of Denison Mines by 10.2% during the third quarter. Bridgewater Associates LP now owns 8,359,815 shares of the basic materials company’s stock worth $15,298,000 after purchasing an additional 774,441 shares during the period. 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.