Denison Mines (NYSEAMERICAN:DNN) Shares Down 5% – What’s Next?

Denison Mines Corp. (NYSEAMERICAN:DNN) (TSE:DML)’s share price fell 5% on Tuesday . The stock traded as low as $1.43 and last traded at $1.44. 33,194,485 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 49,155,410 shares. The stock had previously closed at $1.51.

Denison Mines Stock Performance

The stock’s fifty day simple moving average is $1.70 and its 200-day simple moving average is $1.92. The stock has a market cap of $1.25 billion, a P/E ratio of -139.00 and a beta of 1.75.

Hedge Funds Weigh In On Denison Mines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its holdings 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 during the period. Envestnet Asset Management Inc. lifted its stake in 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 worth $61,000 after purchasing an additional 8,783 shares during the last quarter. Legacy Capital Group California Inc. lifted its stake in Denison Mines by 26.2% during the fourth quarter. Legacy Capital Group California Inc. now owns 43,374 shares of the basic materials company’s stock worth $78,000 after purchasing an additional 9,002 shares during the last quarter. Confluence Investment Management LLC increased its stake in shares of 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 valued at $481,000 after purchasing an additional 9,831 shares during the last quarter. Finally, Old West Investment Management LLC increased its stake in shares of Denison Mines by 0.7% in the 4th quarter. Old West Investment Management LLC now owns 1,450,353 shares of the basic materials company’s stock valued at $2,611,000 after purchasing an additional 10,251 shares during the last quarter. 36.74% of the stock is owned by institutional investors and hedge funds.

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.