Mkango Resources (LON:MKA) Shares Up 10.6% - Should You Buy?

Key Points

• Mkango Resources Ltd. stock increased by 10.6% recently, trading at GBX 35.40 ($0.48), after closing at GBX 32 ($0.44).
• The company has a market capitalization of £118.61 million and a significant price-to-earnings ratio of -4,468.35, indicating unusual financial metrics.
• Mkango's corporate strategy focuses on sustainable sourcing of rare earth elements to meet rising demand from clean technology industries such as electric vehicles and wind turbines.

Mkango Resources Ltd. (LON:MKA - Get Free Report) shares traded up 10.6% during mid-day trading on Thursday . The stock traded as high as GBX 35.70 ($0.48) and last traded at GBX 35.40 ($0.48). 702,195 shares were traded during trading, a decline of 73% from the average session volume of 2,555,943 shares. The stock had previously closed at GBX 32 ($0.43).

Mkango Resources Stock Down 1.2%

The firm's 50 day simple moving average is GBX 36.36 and its 200-day simple moving average is GBX 23.52. The company has a market capitalization of £116.09 million, a PE ratio of -4,373.42 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.