Mkango Resources (LON:MKA) Shares Down 5.1% - Should You Sell?

Key Points

• Shares of Mkango Resources fell by 5.1% during trading, with the stock last at GBX 60.75 ($0.81) after a decrease from GBX 64 ($0.86).
• The company has a market capitalization of £204.96 million and a significant PE ratio of -7,721.52, indicating potential concerns about profitability.
• Mkango is focusing on developing sustainable sources of rare earth materials to meet the rising demand from clean technology sectors, distinguishing itself with a comprehensive Mine, Refine, Recycle strategy.

Mkango Resources Ltd. (LON:MKA - )'s share price fell 5.1% during trading on Thursday . The company traded as low as GBX 59.10 ($0.79) and last traded at GBX 60.75 ($0.81). 4,149,401 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 2,612,041 shares. The stock had previously closed at GBX 64 ($0.86).

Mkango Resources Stock Performance

The business has a fifty day moving average price of GBX 42.72 and a 200 day moving average price of GBX 28.04. The company has a market capitalization of £204.96 million, a PE ratio of -7,721.52 and a beta of 2.17.

Mkango Resources Company Profile

Mkango's corporate strategy is to develop new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector. Mkango released a Feasibility Study for Songwe Hill, Malawi, in July 2022.

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