Canada Nickel (CVE:CNC) Shares Down 2.7% – Here’s Why

Canada Nickel Company Inc. (CVE:CNC) shares were down 2.7% during mid-day trading on Friday . The stock traded as low as C$1.43 and last traded at C$1.44. 469,168 shares changed hands during trading, a decline of 44% from the average session volume of 842,452 shares. The stock had previously closed at C$1.48.

Canada Nickel Stock Performance

The firm has a fifty day simple moving average of C$1.46 and a 200 day simple moving average of C$1.62. The company has a current ratio of 0.35, a quick ratio of 1.20 and a debt-to-equity ratio of 24.31. The stock has a market cap of C$352.24 million, a price-to-earnings ratio of -13.09 and a beta of 0.51.

Insider Activity

In other news, insider Stephen James Balch sold 77,541 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of C$1.65, for a total transaction of C$127,942.65. Following the sale, the insider directly owned 64,816 shares in the company, valued at approximately C$106,946.40. The trade was a 54.47% decrease in their ownership of the stock. Corporate insiders own 14.82% of the company’s stock.

Canada Nickel Company Profile

Canada Nickel Company Inc, together with its subsidiaries, engages in the exploration, discovery, and development of nickel sulphide assets. It also develops zero-carbon production of nickel, cobalt, and iron. Its flagship project is the Crawford Nickel project located in northern Ontario, Canada. It serves electric vehicle, green energy, and stainless steel markets. The company was incorporated in 2019 and is headquartered in Toronto, Canada.