K92 Mining (TSE:KNT) Stock Price Down 4.6% – Here’s Why

Shares of K92 Mining Inc. (TSE:KNT) dropped 4.6% during trading on Tuesday . The company traded as low as C$21.67 and last traded at C$21.96. 1,029,902 shares traded hands during trading, an increase of 24% from the average daily volume of 831,656 shares. The stock had previously closed at C$23.02.

Wall Street Analysts Forecast Growth

KNT has been the topic of several research analyst reports. Desjardins set a C$40.00 price objective on shares of K92 Mining and gave the company a “buy” rating in a research report on Thursday, April 23rd. Raymond James Financial lifted their target price on shares of K92 Mining from C$30.00 to C$33.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Royal Bank Of Canada increased their price target on shares of K92 Mining from C$36.00 to C$46.00 in a report on Thursday, March 12th. Finally, Stifel Nicolaus upgraded shares of K92 Mining to a “strong-buy” rating in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of C$38.00.

K92 Mining Trading Down 4.6%

The company has a debt-to-equity ratio of 5.53, a quick ratio of 3.15 and a current ratio of 4.87. The stock has a market capitalization of C$5.38 billion, a price-to-earnings ratio of 17.02 and a beta of 1.81. The business has a fifty day simple moving average of C$24.12 and a 200 day simple moving average of C$25.31.

K92 Mining (TSE:KNT) last announced its earnings results on Monday, May 11th. The company reported C$0.65 earnings per share (EPS) for the quarter. K92 Mining had a net margin of 46.05% and a return on equity of 42.98%. The company had revenue of C$328.50 million during the quarter. As a group, research analysts expect that K92 Mining Inc. will post 0.7321867 EPS for the current year.

Insider Activity

In other K92 Mining news, insider Nancy Carol La Couvee sold 6,700 shares of K92 Mining stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of C$24.26, for a total value of C$162,542.00. Following the completion of the sale, the insider owned 55,550 shares in the company, valued at C$1,347,643. The trade was a 10.76% decrease in their position. Also, insider David Gregory Medilek sold 50,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of C$24.31, for a total transaction of C$1,215,500.00. Following the completion of the sale, the insider directly owned 300,000 shares of the company’s stock, valued at C$7,293,000. This represents a 14.29% decrease in their position. 2.53% of the stock is owned by insiders.

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.