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

K92 Mining Inc. (TSE:KNT)’s stock price dropped 4.6% during trading on Tuesday . The stock traded as low as C$21.67 and last traded at C$21.96. Approximately 1,029,902 shares changed 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 Analyst Weigh In

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

K92 Mining Trading Up 3.1%

The stock has a 50 day moving average of C$24.04 and a 200 day moving average of C$25.30. The company has a debt-to-equity ratio of 5.53, a current ratio of 4.87 and a quick ratio of 3.15. The firm has a market cap of C$5.50 billion, a P/E ratio of 17.40 and a beta of 1.81.

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

Insider Transactions at K92 Mining

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

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.