Midnight Sun Mining (CVE:MMA) Shares Down 13.1% - Here's What Happened

Key Points

• Midnight Sun Mining Corp. experienced a significant drop in share price, falling 13.1% to C$1.29 after trading at C$1.49 previously.
• Trading volume surged to approximately 2.47 million shares, marking an increase of 703% compared to its average daily volume.
• The company, which focuses on acquiring and exploring mineral properties in Africa, holds a 60% interest in the Solwezi licenses in Zambia.

Shares of Midnight Sun Mining Corp. (CVE:MMA - ) dropped 13.1% on Saturday . The stock traded as low as C$1.26 and last traded at C$1.29. Approximately 2,474,373 shares traded hands during trading, an increase of 703% from the average daily volume of 308,332 shares. The stock had previously closed at C$1.49.

Midnight Sun Mining Trading Down 13.1%

The company has a debt-to-equity ratio of 1.69, a current ratio of 45.60 and a quick ratio of 3.91. The company has a market cap of C$232.77 million, a PE ratio of -43.00 and a beta of -0.08. The company's 50 day simple moving average is C$1.01 and its two-hundred day simple moving average is C$0.73.

About Midnight Sun Mining

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.