Denison Mine (NYSEAMERICAN:DNN) Shares Up 9% – Time to Buy?

Denison Mine Corp (NYSEAMERICAN:DNN) (TSE:DML) shares shot up 9% during mid-day trading on Thursday. The stock traded as high as $2.36 and last traded at $2.3550. 17,680,847 shares were traded during mid-day trading, a decline of 45% from the average session volume of 32,430,092 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Zacks Research downgraded shares of Denison Mine from a “hold” rating to a “strong sell” rating in a report on Thursday. Royal Bank Of Canada began coverage on shares of Denison Mine in a research note on Monday, July 13th. They set an “outperform” rating on the stock. Finally, Jefferies Financial Group began coverage on shares of Denison Mine in a report on Thursday, September 3rd. They set a “buy” rating for the company. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.38.

Denison Mine Stock Down 3.4%

The company has a debt-to-equity ratio of 2.38, a quick ratio of 9.14 and a current ratio of 9.41. The firm has a fifty day moving average price of $2.98 and a 200 day moving average price of $3.21. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -10.36 and a beta of 1.37.

Institutional Investors Weigh In On Denison Mine

Institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp raised its holdings in Denison Mine by 22.4% during the second quarter. Van ECK Associates Corp now owns 87,521,620 shares of the basic materials company’s stock worth $267,557,000 after purchasing an additional 16,013,484 shares during the last quarter. Renaissance Technologies LLC boosted its position in Denison Mine by 275.0% during the first quarter. Renaissance Technologies LLC now owns 9,455,713 shares of the basic materials company’s stock worth $33,379,000 after purchasing an additional 6,934,400 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Denison Mine in the second quarter valued at $16,541,000. Bank of America Corp DE acquired a new stake in Denison Mine in the second quarter valued at $13,237,000. Finally, Azarias Capital Management L.P. purchased a new position in shares of Denison Mine in the third quarter valued at $10,771,000. 36.74% of the stock is currently owned by hedge funds and other institutional investors.

About Denison Mine

Denison Mines Corp. is a uranium exploration, development and production company focused primarily on the Athabasca Basin in northern Saskatchewan, Canada. The company’s activities include the acquisition, evaluation and advancement of uranium mineral properties, with an emphasis on projects that could support future uranium production.

Denison’s flagship asset is the Wheeler River project, which includes the Phoenix and Gryphon uranium deposits. Phoenix is being advanced as an in-situ recovery project, while Gryphon is being evaluated as an underground mining operation.