Tungsten West (LON:TUN) Shares Down 11.2% – Here’s What Happened

Tungsten West PLC (LON:TUN) dropped 11.2% during trading on Tuesday . The stock traded as low as GBX 18.50 and last traded at GBX 19. Approximately 10,141,066 shares changed hands during mid-day trading, an increase of 174% from the average daily volume of 3,699,848 shares. The stock had previously closed at GBX 21.40.

Tungsten West Stock Performance

The stock has a market capitalization of £35.22 million, a price-to-earnings ratio of -0.71 and a beta of -0.60. The company has a debt-to-equity ratio of 63.33, a current ratio of 0.33 and a quick ratio of 7.04. The stock has a 50-day moving average of GBX 11.18 and a 200 day moving average of GBX 10.30.

Tungsten West (LON:TUN) last issued its quarterly earnings results on Wednesday, December 24th. The company reported GBX (21.40) EPS for the quarter. Tungsten West had a negative return on equity of 44.58% and a negative net margin of 1,343.41%.

Insider Buying and Selling

In other Tungsten West news, insider Phil Povey bought 2,995,305 shares of the stock in a transaction on Wednesday, December 31st. The stock was purchased at an average price of GBX 3 per share, with a total value of £89,859.15. Corporate insiders own 9.01% of the company’s stock.

About Tungsten West

Tungsten West Plc is a UK based company focussed on recommencing production at the Hemerdon tungsten and tin mine in Devon, England.

The Hemerdon mine is the world’s third largest Tungsten resource. The mine has had over £170m spent on it via the previous operator, with first production expected in 2022 and a mine life of 18.5 years. The Company is focused on rebuilding and restarting the mine to supply two critically important strategic minerals in tungsten and tin both domestically and globally.