Wednesday was not a particularly memorable day for investors in Great Panther Mining Limited (NYSEAMERICAN:GPL) as the producer of the precious metal saw its stock go into a downward spiral and end the day with a decline of as much as 7%.
Trading Data
On Wednesday, GPL stock fell 7.60% to $0.1922 with more than 1.42 million shares, compared to its average volume of 4.34 million shares. The stock moved within a range of $0.1896 – 0.2025 after opening trade at $0.1970.
Earnings Review
That being said, it is also important to remember that there was no news at all about Great Panther Mining on Wednesday, and to some investors, the decline might even seem a bit random. In this situation, it could be a good move into the company’s financial results for the fiscal quarter that ended on March 31, 2022. That was announced back on May 12.
During the first quarter, Great Panther Mining suffered a loss of $8.9 million and that was considerably higher than the net loss of only $0.3 million in the prior-year period. On the other hand, revenues stood at $33.4 million and mine operating losses came in at $3.4 million.
In the prior-year period, the company had realized revenues of $52.6 million and mine operating earnings of $11.4 million. The decline was mainly a function of lower production but higher prices of some precious metals offset the effect somewhat.
Key Quote
“First quarter 2022 results were in line with expectations and good progress was made on numerous fronts as we build back steady-state production at Tucano,” stated Alan Hair, Chair and Interim CEO.
Technical Data
GPL stock is below the 20-Day and 50-Day Moving averages of $0.20 and $0.22 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.31.
