Denison Mines (NYSEAMERICAN:DNN) Sees Large Volume Increase - Should You Buy?

Denison Mines Corp. (NYSEAMERICAN:DNN - Get Free Report) TSE: DML shares saw unusually-high trading volume on Wednesday . Approximately 56,117,485 shares changed hands during mid-day 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.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DNN. Desjardins started coverage on shares of Denison Mines in a research note on Friday. They set a "buy" rating for the company. Scotiabank reissued an "outperform" rating on shares of Denison Mines in a research note on Tuesday, March 25th. One investment 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, Denison Mines has an average rating of "Buy" and an average price target of $3.00.

Denison Mines Price Performance

The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -118.00 and a beta of 1.75. The firm's fifty day moving average price is $1.59 and its two-hundred day moving average price is $1.88.

Institutional Trading of Denison Mines

A number of hedge funds and other institutional investors have recently bought and sold shares of DNN. BNP Paribas Financial Markets bought a new position in shares of Denison Mines in the third quarter valued at approximately $505,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Denison Mines by 14.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,200,078 shares of the basic materials company's stock valued at $5,856,000 after purchasing an additional 404,410 shares in the last quarter. Janus Henderson Group PLC grew its position in Denison Mines by 19.5% in the 3rd quarter. Janus Henderson Group PLC now owns 3,963,565 shares of the basic materials company's stock worth $7,230,000 after purchasing an additional 647,046 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Denison Mines by 89.1% during the 3rd quarter. National Bank of Canada FI now owns 935,567 shares of the basic materials company's stock worth $1,708,000 after buying an additional 440,921 shares in the last quarter. Finally, XTX Topco Ltd increased its position in shares of Denison Mines by 6,560.7% during the 3rd quarter. XTX Topco Ltd now owns 802,020 shares of the basic materials company's stock valued at $1,468,000 after purchasing an additional 789,979 shares during the last quarter. Institutional investors own 36.74% of the company's stock.

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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.