This morning the MAG Silver Corp (NYSEAMERICAN:MAG) stock is expected to come into focus investors after it clocked gains of as much as 4% on Tuesday. The company came into focus among investors after it announced its financial results for the fiscal quarter that had ended on March 31, 2022.
Trading Data
On Tuesday, MAG stock moved up 3.65% to $13.63 with more than 371K shares traded, compared to its average volume of 541K shares. The stock moved within a range of $13.24 – 13.85 after opening trading at $13.24.
Earnings Recap
Before taking a look at some of the highlights from the results, it should be noted that the numbers released by MAG Silver yesterday were unaudited. At the end of the first quarter the company had $52248 in the form of cash reserves. It was also noted that Fresnillo, the firm which has been working on the Juanicipio Project construction, believes that the project could be delivered for a cost of $440,000 in total.
On the other hand, MAG Silver also announced that it had no long term debts either and that is certainly a positive with regards to its growth plans. The company managed to earn net income of $2680000 in the first quarter and that was a massive improvement on the losses of $3662000 that it had suffered in the prior year period. It may be a good time to start tracking the stock.
Technical Data
MAG stock is trading below the 20-Day and 50-Day Moving averages of $14.32 and $16 respectively. Moreover, the stock is trading below the 200-Day moving average of $16.81.
