Karnalyte Resources (TSE:KRN) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

Karnalyte Resources Inc. (TSE:KRN) shares passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of C$0.27 and traded as high as C$0.29. Karnalyte Resources shares last traded at C$0.28, with a volume of 16,020 shares changing hands.

Karnalyte Resources Price Performance

The stock’s 50-day simple moving average is C$0.27 and its 200 day simple moving average is C$0.29. The company has a quick ratio of 6.40, a current ratio of 2.86 and a debt-to-equity ratio of 0.18. The company has a market cap of C$14.65 million, a price-to-earnings ratio of -13.75 and a beta of -1.35.

Karnalyte Resources (TSE:KRN) last announced its quarterly earnings results on Friday, November 6th. The company reported C($0.01) earnings per share for the quarter.

Karnalyte Resources Company Profile

Karnalyte Resources Inc. is a development stage potash company. Karnalyte owns the Wynyard Project, with planned Phase 1 production of 675,000 t/a of high grade granular potash, and two subsequent phases of 750,000 t/a each, taking total production up to 2.175 million t/a. All environmental permits remain valid, preliminary detailed engineering is complete, and the existing Offtake Agreement with GSFC remains in effect. Karnalyte is also considering opportunities relating to secondary magnesium compounds.