Denison Mines (NYSEAMERICAN:DNN) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) saw an uptick in trading volume on Wednesday . 56,117,485 shares changed hands during trading, an increase of 113% from the previous session’s volume of 26,395,514 shares.The stock last traded at $1.28 and had previously closed at $1.30.

Analysts Set New Price Targets

DNN has been the topic of a number of research analyst reports. Scotiabank reissued an “outperform” rating on shares of Denison Mines in a report on Tuesday, March 25th. Desjardins began coverage on shares of Denison Mines in a research report on Friday. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Denison Mines has a consensus rating of “Buy” and a consensus target price of $3.00.

Denison Mines Stock Down 4.0 %

The company has a 50 day moving average of $1.59 and a two-hundred day moving average of $1.88. The firm has a market cap of $1.07 billion, a P/E ratio of -119.00 and a beta of 1.75.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC boosted its stake in shares of Denison Mines by 74.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,964 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 8,500 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Denison Mines by 35.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 33,633 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 8,783 shares during the last quarter. Legacy Capital Group California Inc. boosted its position in shares of Denison Mines by 26.2% in the 4th quarter. Legacy Capital Group California Inc. now owns 43,374 shares of the basic materials company’s stock valued at $78,000 after purchasing an additional 9,002 shares during the period. Confluence Investment Management LLC increased its stake in Denison Mines by 3.8% in the 4th quarter. Confluence Investment Management LLC now owns 267,217 shares of the basic materials company’s stock worth $481,000 after purchasing an additional 9,831 shares in the last quarter. Finally, Old West Investment Management LLC raised its holdings in Denison Mines by 0.7% during the 4th quarter. Old West Investment Management LLC now owns 1,450,353 shares of the basic materials company’s stock worth $2,611,000 after buying an additional 10,251 shares during the period. 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.