Mkango Resources (LON:MKA) Shares Down 3% - What's Next?

Key Points

• Mkango Resources shares dropped 3% to last trade at GBX 38.80 ($0.52), reflecting a substantial decline in trading volume of 76% from the average session.
• The company has a market cap of £122.38 million and a PE ratio of -4,736.71, indicating significant volatility in its stock performance.
• Mkango is focused on developing sustainable sources of rare earth elements to meet the growing demand in clean technologies like electric vehicles and wind turbines.

Shares of Mkango Resources Ltd. (LON:MKA - Get Free Report) were down 3% on Friday . The company traded as low as GBX 36.90 ($0.50) and last traded at GBX 38.80 ($0.52). Approximately 634,456 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 2,620,222 shares. The stock had previously closed at GBX 40 ($0.54).

Mkango Resources Price Performance

The firm has a market capitalization of £126.00 million, a P/E ratio of -4,746.84 and a beta of 2.17. The stock has a fifty day simple moving average of GBX 34.18 and a two-hundred day simple moving average of GBX 21.67.

About Mkango Resources

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.