Midnight Sun Mining (CVE:MMA) Shares Down 8.5% – Here’s Why

Midnight Sun Mining Corp. (CVE:MMA) shares traded down 8.5% during trading on Tuesday . The stock traded as low as C$1.49 and last traded at C$1.50. 392,692 shares were traded during mid-day trading, a decline of 11% from the average session volume of 439,577 shares. The stock had previously closed at C$1.64.

Analyst Upgrades and Downgrades

Separately, Haywood Securities set a C$3.00 price target on Midnight Sun Mining and gave the company a “buy” rating in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$3.00.

Midnight Sun Mining Stock Down 9.8%

The firm’s 50-day simple moving average is C$1.40 and its 200-day simple moving average is C$1.15. The company has a debt-to-equity ratio of 1.69, a quick ratio of 3.91 and a current ratio of 45.60. The company has a market capitalization of C$316.34 million, a price-to-earnings ratio of -37.00 and a beta of 2.09.

Midnight Sun Mining Company Profile

Midnight Sun Mining Corp. engages in the acquisition and exploration of mineral properties in Africa. The company primarily explores for copper, cobalt, nickel, and gold deposits. It owns a 60% interest in the Solwezi licenses located in Zambia. The company was formerly known as Midnight Sun Capital Corporation and changed its name to Midnight Sun Mining Corp. in February 2011. Midnight Sun Mining Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.