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

Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 41,320,000 shares, a decline of 6.6% from the October 15th total of 44,220,000 shares. Based on an average trading volume of 18,030,000 shares, the short-interest ratio is currently 2.3 days.

Denison Mines Price Performance

NYSEAMERICAN:DNN traded up $0.16 during midday trading on Monday, reaching $2.25. 29,248,322 shares of the stock traded hands, compared to its average volume of 16,676,125. Denison Mines has a 12-month low of $1.40 and a 12-month high of $2.47. The firm has a 50-day moving average price of $1.99. The company has a market cap of $2.01 billion, a PE ratio of -232.00 and a beta of 1.69.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. StockNews.com raised shares of Denison Mines to a “sell” rating in a research report on Wednesday, July 31st. CIBC assumed coverage on shares of Denison Mines in a research report on Thursday, September 26th. They issued a “sector outperform” rating and a $3.25 target price for the company. National Bank Financial raised shares of Denison Mines to a “strong-buy” rating in a research report on Tuesday, September 3rd. BMO Capital Markets raised shares of Denison Mines from a “market perform” rating to an “outperform” rating in a research report on Wednesday, September 25th. Finally, Cibc World Mkts raised shares of Denison Mines to a “strong-buy” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, three have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, Denison Mines presently has an average rating of “Buy” and a consensus target price of $3.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Hood River Capital Management LLC grew its position in shares of Denison Mines by 9.2% in the second 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. Segra Capital Management LLC raised its stake in Denison Mines by 124.8% during the third quarter. Segra Capital Management LLC now owns 18,268,562 shares of the basic materials company’s stock worth $33,431,000 after purchasing an additional 10,140,540 shares during the period. Van ECK Associates Corp raised its stake in Denison Mines by 96.8% during the third quarter. Van ECK Associates Corp now owns 14,574,159 shares of the basic materials company’s stock worth $26,671,000 after purchasing an additional 7,168,934 shares during the period. Point72 Asset Management L.P. raised its stake in Denison Mines by 0.5% during the second quarter. Point72 Asset Management L.P. now owns 10,135,800 shares of the basic materials company’s stock worth $20,170,000 after purchasing an additional 46,000 shares during the period. Finally, Bridgewater Associates LP raised its stake in Denison Mines by 10.2% during the third quarter. Bridgewater Associates LP now owns 8,359,815 shares of the basic materials company’s stock worth $15,298,000 after purchasing an additional 774,441 shares during the period. Hedge funds and other institutional investors own 36.74% of the company’s stock.

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.