Denison Mines Corp. (NYSEAMERICAN:DNN) Sees Large Increase in Short Interest

Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totalling 44,220,000 shares, a growth of 8.6% from the September 30th total of 40,710,000 shares. Based on an average daily trading volume, of 18,750,000 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

DNN has been the topic of several research reports. BMO Capital Markets upgraded Denison Mines from a “market perform” rating to an “outperform” rating in a research note on Wednesday, September 25th. Cibc World Mkts raised Denison Mines to a “strong-buy” rating in a report on Thursday, September 26th. CIBC initiated coverage on Denison Mines in a report on Thursday, September 26th. They set a “sector outperform” rating and a $3.25 target price for the company. National Bank Financial raised Denison Mines to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, StockNews.com raised Denison Mines to a “sell” rating in a report on Wednesday, July 31st. One investment 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. Based on data from MarketBeat.com, Denison Mines presently has a consensus rating of “Buy” and an average price target of $3.00.

Institutional Investors Weigh In On Denison Mines

Several hedge funds and other institutional investors have recently made changes to their positions in DNN. Van ECK Associates Corp grew its position 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 last quarter. Lloyd Harbor Capital Management LLC grew its stake 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 purchasing an additional 3,875,016 shares during the period. Hood River Capital Management LLC grew its stake 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 during the period. Cetera Investment Advisers bought a new stake in shares of Denison Mines in the 1st quarter valued at approximately $1,758,000. Finally, Vident Advisory LLC grew its stake in shares of Denison Mines by 15.0% in the 1st quarter. Vident Advisory LLC now owns 6,764,463 shares of the basic materials company’s stock valued at $13,191,000 after purchasing an additional 884,599 shares during the period. 36.74% of the stock is owned by institutional investors and hedge funds.

Denison Mines Price Performance

Shares of NYSEAMERICAN:DNN traded down $0.02 on Thursday, reaching $2.13. 15,603,137 shares of the company traded hands, compared to its average volume of 16,363,550. Denison Mines has a fifty-two week low of $1.40 and a fifty-two week high of $2.47. The firm has a 50 day simple moving average of $1.99. The stock has a market cap of $1.90 billion, a PE ratio of 34.50 and a beta of 1.71.

Denison Mines (NYSEAMERICAN:DNN) (TSE:DML) last released its earnings results on Thursday, August 8th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). Denison Mines had a return on equity of 9.45% and a net margin of 950.42%. The company had revenue of $0.97 million during the quarter, compared to analyst estimates of $0.80 million. As a group, research analysts forecast that Denison Mines will post -0.06 earnings per share for the current fiscal year.

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.