Kumba Iron Ore (OTCMKTS:KIROY) Stock Price Down 6.9% - Here's Why

Key Points

• Kumba Iron Ore's stock price fell by 6.9% on Monday, dropping to a low of $5.52 amidst a decline in trading volume.
• HSBC downgraded Kumba Iron Ore to a "hold" rating, indicating a shift in market sentiment towards the stock.
• The company's 50-day moving average is $5.65, while the 200-day moving average stands at $6.00, reflecting recent price stabilization.

Kumba Iron Ore Ltd. (OTCMKTS:KIROY - Get Free Report)'s stock price was down 6.9% during trading on Monday . The stock traded as low as $5.52 and last traded at $5.52. Approximately 4,202 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 5,793 shares. The stock had previously closed at $5.93.

Wall Street Analysts Forecast Growth

Separately, HSBC downgraded Kumba Iron Ore to a "hold" rating in a research report on Monday.

Kumba Iron Ore Price Performance

The company's 50-day moving average price is $5.65 and its 200-day moving average price is $6.00.

Kumba Iron Ore Company Profile

Kumba Iron Ore Limited, together with its subsidiaries, engages in the exploration, extraction, beneficiation, marketing, sale, and shipping of iron ore for the steel industry primarily in South Africa, China, rest of Asia, Europe, the Middle East, and North Africa. It produces iron ore at Sishen and Kolomela mines in the Northern Cape Province.

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