Denison Mines (NYSEAMERICAN:DNN) Trading Down 4.9% – Time to Sell?

Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $1.65 and last traded at $1.64. Approximately 17,600,479 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 39,823,297 shares. The stock had previously closed at $1.72.

Wall Street Analyst Weigh In

A number of research firms recently commented on DNN. Desjardins started coverage on Denison Mines in a report on Friday, April 4th. They set a “buy” rating for the company. Scotiabank restated an “outperform” rating on shares of Denison Mines in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, five have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $3.00.

Denison Mines Stock Down 7.3%

The company has a 50-day moving average of $1.45 and a 200 day moving average of $1.77. The stock has a market capitalization of $1.43 billion, a PE ratio of -158.50 and a beta of 1.75.

Institutional Investors Weigh In On Denison Mines

A number of hedge funds have recently modified their holdings of DNN. Alyeska Investment Group L.P. acquired a new stake in Denison Mines during the fourth quarter worth $35,837,000. MMCAP International Inc. SPC grew its holdings in shares of Denison Mines by 36.4% during the 1st quarter. MMCAP International Inc. SPC now owns 23,895,317 shares of the basic materials company’s stock worth $31,064,000 after purchasing an additional 6,371,531 shares during the period. Van ECK Associates Corp increased its position in shares of Denison Mines by 43.3% during the 4th quarter. Van ECK Associates Corp now owns 20,879,491 shares of the basic materials company’s stock worth $37,595,000 after purchasing an additional 6,305,332 shares during the last quarter. Millennium Management LLC raised its holdings in Denison Mines by 393.3% in the 4th quarter. Millennium Management LLC now owns 5,122,978 shares of the basic materials company’s stock valued at $9,221,000 after buying an additional 4,084,401 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Denison Mines by 116.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,131,404 shares of the basic materials company’s stock valued at $12,932,000 after buying an additional 3,838,504 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.