Tungsten West (LON:TUN) Shares Up 11% – Here’s Why

Tungsten West PLC (LON:TUN)’s stock price shot up 11% on Wednesday. The company traded as high as GBX 32.78 and last traded at GBX 32.20. 5,407,985 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 4,006,996 shares. The stock had previously closed at GBX 29.

Tungsten West Stock Down 4.5%

The company’s 50 day simple moving average is GBX 42.14 and its 200-day simple moving average is GBX 36.80. The company has a current ratio of 8.01, a quick ratio of 7.04 and a debt-to-equity ratio of 3.17. The firm has a market cap of £516.17 million, a P/E ratio of -2.67 and a beta of 0.28.

Tungsten West (LON:TUN) last released its quarterly earnings data on Thursday, September 3rd. The company reported GBX (12) earnings per share for the quarter. Tungsten West had a negative net margin of 29,165.70% and a negative return on equity of 2,022.63%.

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.