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

Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML)’s stock price dropped 3.1% on Tuesday . The stock traded as low as $1.87 and last traded at $1.89. Approximately 3,497,871 shares changed 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 Analyst Weigh In

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

Denison Mines Stock Down 3.6 %

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

Institutional Trading of Denison Mines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Segra Capital Management LLC boosted its position in Denison Mines by 124.8% during the third 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 raised its stake in shares of Denison Mines by 96.8% during the 3rd 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 raised its stake in shares of Denison Mines by 168.5% during the 2nd quarter. Lloyd Harbor Capital Management LLC now owns 6,175,016 shares of the basic materials company’s stock worth $12,288,000 after purchasing an additional 3,875,016 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings 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 during the last quarter. Finally, Hood River Capital Management LLC grew its stake in shares of Denison Mines by 9.2% in the second 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 buying an additional 2,138,603 shares in the last quarter. Institutional investors and hedge funds 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.