Karnalyte Resources (TSE:KRN) Stock Price Up 24.4% – Here’s What Happened

Shares of Karnalyte Resources Inc. (TSE:KRN) were up 24.4% during mid-day trading on Tuesday . The stock traded as high as C$0.28 and last traded at C$0.28. Approximately 136,204 shares traded hands during trading, an increase of 394% from the average daily volume of 27,584 shares. The stock had previously closed at C$0.23.

Karnalyte Resources Trading Up 20.0%

The company’s fifty day moving average price is C$0.21 and its two-hundred day moving average price is C$0.17. The company has a quick ratio of 6.40, a current ratio of 2.86 and a debt-to-equity ratio of 0.18. The company has a market cap of C$14.39 million, a price-to-earnings ratio of -13.50 and a beta of -0.83.

About Karnalyte Resources

Karnalyte Resources Inc is a development stage company focused on two fertilizer products, potash and nitrogen, to be produced and manufactured in Saskatchewan. It owns the construction ready Wynyard Potash Project, with planned phase 1 production of high grade granular potash, and two subsequent phases. It is also exploring the development of the Proteos Nitrogen Project, which is a proposed small-scale nitrogen fertilizer plant with a nameplate production capacity of approximately 700 metric tonnes per day of ammonia and approximately 1,200 MTPD of urea, and a target customer market of independent fertilizer wholesalers in Central Saskatchewan.