Karnalyte Resources (TSE:KRN) Stock Price Down 10.9% – Time to Sell?

Karnalyte Resources Inc. (TSE:KRN)’s share price fell 10.9% on Friday . The company traded as low as C$0.22 and last traded at C$0.24. Approximately 110,006 shares traded hands during mid-day trading, an increase of 168% from the average daily volume of 41,010 shares. The stock had previously closed at C$0.28.

Karnalyte Resources Trading Down 10.9%

The company has a 50 day moving average of C$0.30 and a 200 day moving average of C$0.29. The company has a current ratio of 2.86, a quick ratio of 6.40 and a debt-to-equity ratio of 0.18. The firm has a market cap of C$13.05 million, a price-to-earnings ratio of -12.25 and a beta of -1.65.

Karnalyte Resources Company Profile

Karnalyte Resources Inc is a development stage company focused on two fertilizer products, potash and nitrogen, to be produced and manufactured in Saskatchewan. It owns the construction ready Wynyard Potash Project, with planned phase 1 production of high grade granular potash, and two subsequent phases. It is also exploring the development of the Proteos Nitrogen Project, which is a proposed small-scale nitrogen fertilizer plant with a nameplate production capacity of approximately 700 metric tonnes per day of ammonia and approximately 1,200 MTPD of urea, and a target customer market of independent fertilizer wholesalers in Central Saskatchewan.