Pan African Resources (OTCMKTS:PAFRF) Stock Price Down 7.6% – Here’s Why

Pan African Resources PLC (OTCMKTS:PAFRF) shares were down 7.6% during mid-day trading on Friday. The company traded as low as $1.3950 and last traded at $1.3950. Approximately 200 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 9,173 shares. The stock had previously closed at $1.51.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group started coverage on Pan African Resources in a report on Monday, August 3rd. They set a “hold” rating for the company. One research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, Pan African Resources presently has an average rating of “Hold”.

Pan African Resources Price Performance

The company’s 50 day moving average is $1.57 and its two-hundred day moving average is $1.73.

Pan African Resources Company Profile

Pan African Resources plc is a South Africa-focused precious metals producer whose primary business is the exploration, development and mining of gold. The company operates a combination of underground mines and surface retreatment operations, recovering gold from ore and historical mine tailings.

Its principal assets include the Barberton Mines complex in Mpumalanga, which comprises the Fairview, Sheba and Consort underground mines, and Evander Mines in the same province. Pan African Resources also operates the Elikhulu and Barberton Tailings Retreatment Plants, which process historical tailings to recover additional gold and support the company’s focus on lower-impact surface operations.

Founded in 2000, Pan African Resources has developed into an African-focused gold producer with operations concentrated in South Africa.