K92 Mining (TSE:KNT) Share Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• K92 Mining shares rose above their 200-day moving average, reaching C$26.10 and last trading at C$26.06 on volume of 373,770 shares.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of C$36.57; National Bank Financial recently raised its target to C$39.00.
• The company reported quarterly revenue of C$291.61 million and EPS of C$0.48, alongside a 45.48% net margin and 43.29% return on equity.

K92 Mining Inc. (TSE:KNT - Get Free Report) passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$26.05 and traded as high as C$26.10. K92 Mining shares last traded at C$26.06, with a volume of 373,770 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on KNT. Desjardins set a C$36.00 price objective on shares of K92 Mining and gave the stock a "buy" rating in a report on Monday, July 27th. TD set a C$31.00 price objective on shares of K92 Mining and gave the company a "buy" rating in a research note on Tuesday, October 20th. Finally, National Bank Financial lifted their price objective on shares of K92 Mining from C$37.00 to C$39.00 and gave the company an "outperform" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of C$36.57.

K92 Mining Stock Performance

The company has a market cap of C$6.40 billion, a PE ratio of 17.73 and a beta of 1.88. The company has a quick ratio of 3.15, a current ratio of 5.38 and a debt-to-equity ratio of 4.48. The company has a 50-day moving average of C$28.41 and a 200-day moving average of C$26.05.

K92 Mining (TSE:KNT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported C$0.48 EPS for the quarter. K92 Mining had a return on equity of 43.29% and a net margin of 45.48%. The business had revenue of C$291.61 million during the quarter. As a group, analysts anticipate that K92 Mining Inc. will post 0.73 earnings per share for the current year.

About K92 Mining

K92 Mining Inc is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022.

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