Shares of Primero Mining Corp. (NYSE:PPP) tumbled -45.57% in morning trade Thursday, soon after a precious metals producer with operations in both Mexico and Canada reported 2Q loss.
The company on Thursday stated a loss of $300.4 million in its second quarter. On a per-share basis, the Toronto-based company said it had a loss of $1.39. Losses, adjusted for non-recurring costs, were 2 cents per share. The precious metals producer posted revenue of $16.2 million in the period.
The stock attained the volume of 11258035 shares contrast to its average daily volume of 1.06M shares. Trading volume is an important technical indicator a shareholder uses to confirm a trend or trend reversal. It is generally higher when the price of a security is changing, as the strength of any given price movement is measured mainly by the volume and shifts in trade volume can make observed price movements more significant. News about a company’s financial status, products, or plans, whether positive or negative, will typically result in a temporary increase in the trade volume of its stock. Higher volume for a stock is also an indicator of higher liquidity in the market. For institutional shareholders who wish to sell a large number of shares of a certain stock, lower liquidity will force them to sell the stock slowly over a longer period of time, to avoid losses because of slippage. The stock, as of recent close, has shown weekly downbeat performance of -45.57% which was maintained at -38.02% in 1-month period, and is down -74.81% in this year. The company now has a market value of $37.94M.
The stock, after recent close, is -43.93% below their SMA 50 and -44.39% from SMA20 and is -69.125% below than SMA200. 62.60% shares of the company were owned by institutional investors. The company has 0.1799 value in price to sale ratio while price to book ratio was recorded as 8.00. It beta stands at -.
The average 12 month target price among brokers that have covered the stock in the last year is $0. Analyst mean recommendation for this stock stands at 2.298. Analyst recommendations as stated on FINVIZ are rated on a 1 to 5 scale. 1 is equivalent to a buy rating, 3 a hold rating, and 5 a sell rating. The consensus recommendation is the average rating on a stock by the analyst community.