Denison Mine (NYSEAMERICAN:DNN) Stock Falls 6.9% – Here’s Why

Shares of Denison Mine Corp (NYSEAMERICAN:DNN) (TSE:DML) traded down 6.9% on Thursday. The stock traded as low as $2.62 and last traded at $2.6250. Approximately 27,140,305 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 32,707,381 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on DNN shares. Jefferies Financial Group initiated coverage on Denison Mine in a report on Thursday, September 3rd. They issued a “buy” rating on the stock. Royal Bank Of Canada assumed coverage on shares of Denison Mine in a research report on Monday, July 13th. They set an “outperform” rating for the company. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.38.

Denison Mine Trading Up 0.8%

The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -12.05 and a beta of 1.24. The business has a 50-day simple moving average of $3.12 and a two-hundred day simple moving average of $3.33. The company has a debt-to-equity ratio of 2.38, a quick ratio of 9.14 and a current ratio of 9.41.

Hedge Funds Weigh In On Denison Mine

A number of institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp increased its holdings in shares of Denison Mine by 22.4% in the second quarter. Van ECK Associates Corp now owns 87,521,620 shares of the basic materials company’s stock valued at $267,557,000 after purchasing an additional 16,013,484 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Denison Mine by 275.0% in the 1st quarter. Renaissance Technologies LLC now owns 9,455,713 shares of the basic materials company’s stock valued at $33,379,000 after purchasing an additional 6,934,400 shares during the period. TD Asset Management Inc raised its position in shares of Denison Mine by 17.8% in the fourth quarter. TD Asset Management Inc now owns 8,608,043 shares of the basic materials company’s stock valued at $22,858,000 after buying an additional 1,297,838 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Denison Mine during the 2nd quarter worth $16,541,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Denison Mine by 218.4% during the 4th quarter. BNP Paribas Financial Markets now owns 4,852,968 shares of the basic materials company’s stock valued at $12,909,000 after acquiring an additional 3,328,681 shares during the period. Institutional investors and hedge funds own 36.74% of the company’s stock.

About Denison Mine

Denison Mines Corp. is a Canadian uranium exploration and development company focused on advancing uranium projects and acquiring interests in uranium-producing assets. Its activities are concentrated primarily in the Athabasca Basin of northern Saskatchewan, Canada, one of the world’s leading uranium-producing regions.

The company’s principal development asset is the Wheeler River project, which includes the Phoenix in-situ recovery uranium project and the Gryphon underground project.