K92 Mining (TSE:KNT) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

K92 Mining Inc. (TSE:KNT) shares passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$26.05 and traded as high as C$26.54. K92 Mining shares last traded at C$26.45, with a volume of 590,312 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KNT. National Bank Financial raised their price objective on K92 Mining from C$37.00 to C$39.00 and gave the company an “outperform” rating in a research note on Monday, October 26th. Desjardins set a C$36.00 target price on K92 Mining and gave the company a “buy” rating in a research report on Monday, July 27th. Finally, TD set a C$31.00 target price on K92 Mining and gave the company a “buy” rating in a research report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$36.57.

K92 Mining Trading Up 1.6%

The company has a quick ratio of 3.15, a current ratio of 5.38 and a debt-to-equity ratio of 4.48. The firm’s 50 day simple moving average is C$27.76 and its two-hundred day simple moving average is C$26.06. The stock has a market cap of C$6.81 billion, a P/E ratio of 18.85 and a beta of 1.64.

K92 Mining (TSE:KNT) last posted its quarterly earnings results on Monday, August 10th. The company reported C$0.48 earnings per share (EPS) for the quarter. K92 Mining had a net margin of 45.48% and a return on equity of 43.29%. The company had revenue of C$291.61 million for the quarter. As a group, equities research analysts predict that K92 Mining Inc. will post 0.73 earnings per share for the current fiscal year.

About K92 Mining

K92 Mining Inc is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022.