10 Best Debt-Free Penny Stocks to Buy Now

3. Denison Mines Corp. (NYSE:DNN)

Market Cap as of September 13: $1.45 Billion

Enterprise Value: $1.34 Billion

Hedge Funds Holding Stakes as of Q2 2024: 21

Denison Mines Corp. (NYSE:DNN) is an energy company engaged in acquiring, exploring, and developing uranium properties in Canada. Its flagship project is the Wheeler River Uranium project in the Athabasca Basin region in northern Saskatchewan.

It is one of the best debt-free penny stocks to buy now to bet on the growing demand for uranium to generate clean energy. It is financially stable, going by a low debt holding of about $310,000. Therefore, it is well positioned to generate optimum value from its uranium holdings amid the increasing demand for clean energy to power data centers in the artificial intelligence race.

Additionally, Denison Mines Corp. (NYSE:DNN) is well positioned to profit following reports that Russian President Vladimir Putin is poised to restrict exports of uranium, titanium, and nickel. The export curb in response to Western sanctions will trigger a further increase in Uranium prices amid strong demand.

Denison Mines Corp. (NYSE:DNN) has demonstrated its forward-thinking approach to generating long-term value by purchasing 2.5 million pounds of uranium at $29.6 per pound in 2021. Its Uranium stockpile has appreciated in value significantly

The firm now possesses 2.2 million pounds, estimated at approximately $180 million. This, along with its significant cash holdings of C$121 million, places Denison Mines in a strong financial position within the uranium sector, free from debt constraints.

In Q2 2024, 21 hedge funds held positions in Denison Mines Corp. (NYSE:DNN), down from 22 in the previous quarter, according to Insider Monkey’s database. The total value of these holdings was approximately $95.36 million. Among these, Steve Cohen’s Point72 Asset Management held the largest stake.