Mkango Resources (LON:MKA) Stock Price Up 12.6% – Still a Buy?

by · The Markets Daily

Mkango Resources Ltd. (LON:MKA – Get Free Report)’s share price traded up 12.6% during mid-day trading on Tuesday. The stock traded as high as GBX 30 and last traded at GBX 29.50. 3,774,604 shares were traded during trading, an increase of 137% from the average daily volume of 1,593,918 shares. The stock had previously closed at GBX 26.20.

Mkango Resources Stock Performance

The firm has a market capitalization of £114.35 million, a price-to-earnings ratio of -6.34 and a beta of 1.73. The company has a current ratio of 1.11, a quick ratio of 0.87 and a debt-to-equity ratio of 25.45. The stock’s 50-day moving average is GBX 38.25 and its 200-day moving average is GBX 44.07.

Mkango Resources (LON:MKA – Get Free Report) last posted its earnings results on Tuesday, September 1st. The company reported GBX (0.70) earnings per share for the quarter. Mkango Resources had a positive return on equity of 5,692.08% and a negative net margin of 31,610.42%.

About Mkango Resources

(Get Free Report)

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. Malawi is known as “The Warm Heart of Africa”, a stable democracy with existing road, rail and power infrastructure, and new infrastructure developments underway.

In parallel, Mkango recently announced that Mkango and Grupa Azoty PULAWY, Poland’s leading chemical company and the second largest manufacturer of nitrogen and compound fertilizers in the European Union, have agreed to work together towards development of a rare earth Separation Plant at Pulawy in Poland.

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