Midnight Sun Mining (CVE:MMA) Stock Price Up 31% - Still a Buy?

Key Points

• Midnight Sun Mining's stock price surged by 31% during mid-day trading, reaching C$1.90 after previously closing at C$1.45.
• Trading volume increased significantly, with approximately 1.23 million shares exchanged, representing a 335% rise from the average daily volume.
• Midnight Sun Mining focuses on exploring mineral resources in Africa, specifically copper, cobalt, nickel, and gold, and holds a 60% interest in the Solwezi licenses in Zambia.

Midnight Sun Mining Corp. (CVE:MMA - ) was up 31% during mid-day trading on Friday . The stock traded as high as C$2.00 and last traded at C$1.90. Approximately 1,229,908 shares changed hands during mid-day trading, an increase of 335% from the average daily volume of 282,781 shares. The stock had previously closed at C$1.45.

Midnight Sun Mining Stock Performance

The company has a current ratio of 45.60, a quick ratio of 3.91 and a debt-to-equity ratio of 1.69. The company's 50-day simple moving average is C$0.88 and its 200-day simple moving average is C$0.69. The stock has a market capitalization of C$342.85 million, a price-to-earnings ratio of -63.33 and a beta of -0.08.

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.

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