Midnight Sun Mining (CVE:MMA) Trading Up 31% - Here's What Happened

Key Points

• Midnight Sun Mining Corp. stock surged by 31% on Friday, reaching a high of C$2.00 before closing at C$1.90, with trading volume increasing by 335% compared to its average.
• The company primarily explores for copper, cobalt, nickel, and gold deposits in Africa and holds a 60% interest in the Solwezi licenses in Zambia.
• Despite a strong performance, the company has a P/E ratio of -63.33 and a relatively high debt-to-equity ratio of 1.69, indicating potential financial challenges.

Midnight Sun Mining Corp. (CVE:MMA - ) was up 31% during 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 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 Price Performance

The company has a fifty day moving average of C$0.88 and a 200-day moving average of C$0.69. The firm has a market cap of C$342.85 million, a P/E ratio of -63.33 and a beta of -0.08. The company has a debt-to-equity ratio of 1.69, a current ratio of 45.60 and a quick ratio of 3.91.

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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