Denison Mines (NYSEAMERICAN:DNN) Trading Up 5.2% – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DNN. CIBC assumed coverage on Denison Mines in a research report on Thursday, September 26th. They set a “sector outperform” rating and a $3.25 price target on the stock. Roth Mkm restated a “buy” rating and set a $2.75 price target (up from $2.60) on shares of Denison Mines in a research report on Wednesday, October 23rd. Cibc World Mkts raised Denison Mines to a “strong-buy” rating in a research note on Thursday, September 26th. National Bank Financial raised shares of Denison Mines to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, BMO Capital Markets upgraded shares of Denison Mines from a “market perform” rating to an “outperform” rating in a research report on Wednesday, September 25th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $3.00.

Denison Mines Stock Performance

The company’s 50 day moving average is $2.00. The company has a market capitalization of $2.15 billion, a PE ratio of -246.00 and a beta of 1.69.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Toronto Dominion Bank boosted its position in Denison Mines by 39.4% during the 2nd quarter. Toronto Dominion Bank now owns 23,969 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 6,777 shares in the last quarter. Legacy Capital Group California Inc. grew its stake in shares of Denison Mines by 47.5% in the 3rd quarter. Legacy Capital Group California Inc. now owns 34,372 shares of the basic materials company’s stock worth $63,000 after buying an additional 11,066 shares during the last quarter. SevenBridge Financial Group LLC boosted its position in shares of Denison Mines by 54.2% during the third quarter. SevenBridge Financial Group LLC now owns 37,000 shares of the basic materials company’s stock valued at $68,000 after buying an additional 13,000 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Denison Mines by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 689,160 shares of the basic materials company’s stock valued at $1,378,000 after purchasing an additional 13,144 shares during the period. Finally, Arlington Capital Management Inc. increased its position in shares of Denison Mines by 3.2% during the 3rd quarter. Arlington Capital Management Inc. now owns 441,192 shares of the basic materials company’s stock valued at $807,000 after purchasing an additional 13,481 shares during the last quarter. Hedge funds and other 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.