Denison Mines (NYSEAMERICAN:DNN) Trading Down 3.1% – Here’s Why

Shares of Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) were down 3.1% during trading on Tuesday . The stock traded as low as $1.87 and last traded at $1.89. Approximately 3,497,871 shares traded hands during trading, a decline of 80% from the average daily volume of 17,149,469 shares. The stock had previously closed at $1.95.

Wall Street Analysts Forecast Growth

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

Denison Mines Trading Down 3.6 %

The firm has a market cap of $1.68 billion, a P/E ratio of -188.00 and a beta of 1.71. The firm has a 50-day moving average of $2.02.

Institutional Investors Weigh In On Denison Mines

A number of institutional investors have recently made changes to their positions in DNN. Segra Capital Management LLC boosted 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 worth $33,431,000 after acquiring an additional 10,140,540 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Denison Mines by 96.8% during the third quarter. Van ECK Associates Corp now owns 14,574,159 shares of the basic materials company’s stock worth $26,671,000 after purchasing an additional 7,168,934 shares in the last quarter. Lloyd Harbor Capital Management LLC grew its holdings in shares of Denison Mines by 168.5% in the 2nd quarter. Lloyd Harbor Capital Management LLC now owns 6,175,016 shares of the basic materials company’s stock valued at $12,288,000 after buying an additional 3,875,016 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Denison Mines by 499.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,127,950 shares of the basic materials company’s stock valued at $7,514,000 after buying an additional 3,438,790 shares in the last quarter. Finally, Hood River Capital Management LLC raised its stake in Denison Mines by 9.2% during the 2nd quarter. Hood River Capital Management LLC now owns 25,263,766 shares of the basic materials company’s stock worth $50,275,000 after buying an additional 2,138,603 shares during the period. 36.74% of the stock is owned by institutional investors and hedge funds.

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.