Providence Gold Mines (CVE:PHD) Shares Down 28.6% – Here’s Why

Providence Gold Mines Inc. (CVE:PHD) dropped 28.6% on Wednesday . The company traded as low as C$0.05 and last traded at C$0.05. Approximately 156,353 shares were traded during trading, an increase of 70% from the average daily volume of 91,915 shares. The stock had previously closed at C$0.07.

Providence Gold Mines Price Performance

The company has a 50 day moving average of C$0.06 and a 200 day moving average of C$0.04. The company has a current ratio of 0.03, a quick ratio of 0.07 and a debt-to-equity ratio of 0.42. The firm has a market cap of C$3.26 million, a price-to-earnings ratio of -1.25 and a beta of 1.98.

About Providence Gold Mines

Providence Gold Mines Inc, an exploration stage company, engages in the acquisition, exploration, and evaluation of mineral properties located in Canada and the United States. The company primarily explores for gold ores. It holds interests in the Providence Mines Property, consisting 7 patented staked mineral claims and 22 located claims, covering an area of approximately 324 acres located in the Summerville Mining District, Sonora, California. The company was formerly known as Red Hut Metals Inc and changed its name to Providence Gold Mines Inc in July 2017.