New Age Metals (CVE:NAM) Shares Down 17.1% – Here’s Why

New Age Metals Inc. (CVE:NAM)’s share price dropped 17.1% on Thursday . The stock traded as low as C$0.28 and last traded at C$0.29. Approximately 1,133,826 shares traded hands during mid-day trading, an increase of 1,238% from the average daily volume of 84,751 shares. The stock had previously closed at C$0.35.

Wall Street Analysts Forecast Growth

Separately, Fundamental Research set a C$0.95 price objective on shares of New Age Metals and gave the company a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, New Age Metals has a consensus rating of “Buy” and an average price target of C$0.95.

New Age Metals Trading Up 20.0%

The company has a debt-to-equity ratio of 0.74, a quick ratio of 17.88 and a current ratio of 52.48. The company has a market capitalization of C$19.93 million, a price-to-earnings ratio of -50.00 and a beta of 0.05. The firm has a fifty day moving average price of C$0.33 and a 200-day moving average price of C$0.25.

About New Age Metals

New Age Metals Inc, a mineral exploration company, engages in the acquisition, exploration, and development of platinum group metals (PGMs), and precious and base metal properties in Canada. The company explores for rhodium, palladium, platinum, gold, nickel, copper, and lithium deposits. It holds interests in the River Valley PGE project located in the Dana and Pardo townships of Northern Ontario; the Genesis PGE project located in south central Alaska; and lithium projects situated to the northeast of Winnipeg, Manitoba.