Rio2 (TSE:RIO) Stock Price Down 5.2% – Here’s What Happened

Rio2 Limited (TSE:RIO)’s share price dropped 5.2% during mid-day trading on Tuesday. The stock traded as low as C$2.89 and last traded at C$2.89. 809,256 shares changed hands during trading, a decline of 45% from the average session volume of 1,470,225 shares. The stock had previously closed at C$3.05.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus set a C$6.10 price target on shares of Rio2 and gave the stock a “buy” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of C$5.80.

Rio2 Trading Down 5.2%

The firm has a market cap of C$1.59 billion, a P/E ratio of 26.27 and a beta of 2.17. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.70 and a quick ratio of 1.09. The stock has a 50 day moving average of C$3.36 and a 200 day moving average of C$3.01.

Rio2 (TSE:RIO) last released its quarterly earnings results on Thursday, August 13th. The company reported C$0.04 earnings per share for the quarter. The firm had revenue of C$149.57 million for the quarter. As a group, equities research analysts predict that Rio2 Limited will post -0.03 EPS for the current year.

About Rio2

Rio2 is a diversified precious metals and copper producer focused on building and operating mines with a management team that has proven technical skills as well as a successful capital markets track record. The Company is currently producing gold at its Fenix Gold heap leach mine in Chile and copper/gold/silver at its recently acquired Condestable underground mine in Peru. Rio2 and its wholly owned subsidiaries, Fenix Gold Limitada and Compañía Minera Condestable SA, are companies that operate with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three pillars (Social, Environment, Economics) of responsible development.