Tungsten West (LON:TUN) Sets New 1-Year High – Here’s Why

Tungsten West PLC (LON:TUN) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as GBX 32 and last traded at GBX 29.35, with a volume of 7790271 shares trading hands. The stock had previously closed at GBX 26.50.

Tungsten West Stock Performance

The stock’s 50 day moving average is GBX 12.46 and its two-hundred day moving average is GBX 10.78. The firm has a market capitalization of £227.53 million, a P/E ratio of -1.13 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.

Tungsten West (LON:TUN) last released its 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%.

Insiders Place Their Bets

In other news, insider Phil Povey acquired 2,995,305 shares of the firm’s stock in a transaction that occurred on Wednesday, December 31st. The stock was purchased at an average price of GBX 3 per share, for a total transaction of £89,859.15. Insiders own 2.63% 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.