Tungsten West (LON:TUN) Shares Up 11% – Here’s What Happened

Tungsten West PLC (LON:TUN) shares were up 11% on Wednesday. The stock traded as high as GBX 32.78 and last traded at GBX 32.20. Approximately 5,407,985 shares traded hands during trading, an increase of 35% from the average daily volume of 4,006,996 shares. The stock had previously closed at GBX 29.

Tungsten West Stock Performance

The company has a market capitalization of £519.40 million, a price-to-earnings ratio of -2.68 and a beta of 0.28. The stock has a 50 day simple moving average of GBX 42.85 and a 200 day simple moving average of GBX 36.59. The company has a quick ratio of 7.04, a current ratio of 8.01 and a debt-to-equity ratio of 3.17.

Tungsten West (LON:TUN) last announced its quarterly earnings results on Thursday, September 3rd. The company reported GBX (12) earnings per share for the quarter. Tungsten West had a negative return on equity of 2,022.63% and a negative net margin of 29,165.70%.

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.