Petro Matad (LON:MATD) Shares Down 11.2% – Time to Sell?

Petro Matad Limited (LON:MATD) shares traded down 11.2% during mid-day trading on Wednesday . The company traded as low as GBX 1.30 and last traded at GBX 1.40. 20,100,281 shares traded hands during mid-day trading, an increase of 103% from the average session volume of 9,903,928 shares. The stock had previously closed at GBX 1.58.

Analysts Set New Price Targets

Separately, Shore Capital reissued a “house stock” rating on shares of Petro Matad in a research report on Wednesday.

Petro Matad Stock Performance

The stock has a market capitalization of £22.22 million, a P/E ratio of -1.78 and a beta of 2.24. The business has a 50-day moving average price of GBX 1.03 and a 200 day moving average price of GBX 1.21.

About Petro Matad

Petro Matad Limited, together with its subsidiaries, engages in the exploration, development, and production of oil in Mongolia. It holds 100% interests in production sharing contract blocks, including Ongi Block V that covers an area of approximately 7,937 square kilometers; and Matad Block XX that consists of an area of approximately 214 square kilometers in Mongolia.