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

Canada Nickel Company Inc. (CVE:CNC) shares dropped 2.7% on Friday . The stock traded as low as C$1.43 and last traded at C$1.44. 469,168 shares changed hands during mid-day 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’s 50 day moving average price is C$1.46 and its 200-day moving average price is C$1.62. The firm has a market cap of C$352.24 million, a price-to-earnings ratio of -13.09 and a beta of 0.51. The company has a debt-to-equity ratio of 24.31, a current ratio of 0.35 and a quick ratio of 1.20.

Insiders Place Their Bets

In other Canada Nickel news, insider Stephen James Balch sold 77,541 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of C$1.65, for a total value of C$127,942.65. Following the sale, the insider directly owned 64,816 shares in the company, valued at C$106,946.40. This trade represents a 54.47% decrease in their position. 14.82% of the stock is currently owned by company insiders.

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.