Sky Quarry (NASDAQ:SKYQ) Shares Up 22.9% – Here’s Why

Sky Quarry Inc. (NASDAQ:SKYQ) shot up 22.9% during trading on Wednesday . The stock traded as high as $4.65 and last traded at $4.51. 9,780,906 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 12,086,196 shares. The stock had previously closed at $3.67.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Sky Quarry from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Sky Quarry Stock Performance

The business has a 50 day simple moving average of $2.79 and a 200-day simple moving average of $3.61. The firm has a market capitalization of $22.30 million, a price-to-earnings ratio of -1.35 and a beta of 2.50.

Sky Quarry (NASDAQ:SKYQ) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.65) earnings per share for the quarter. Sky Quarry had a negative net margin of 97.65% and a negative return on equity of 238.54%. The firm had revenue of $0.00 million for the quarter.

Hedge Funds Weigh In On Sky Quarry

An institutional investor recently bought a new stake in Sky Quarry stock. JPMorgan Chase & Co. purchased a new stake in Sky Quarry Inc. (NASDAQ:SKYQ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,249,882 shares of the company’s stock, valued at approximately $1,387,000. JPMorgan Chase & Co. owned 10.51% of Sky Quarry at the end of the most recent reporting period.

Sky Quarry Company Profile

We are an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. The recycling of asphalt shingles is expected to reduce the dependence on landfills for the removal of waste and to also reduce dependence on foreign and domestic virgin crude oil extraction for industrial uses. We have developed a process for separating oil from oily sands and other oil-bearing solids utilizing a proprietary solvent which we refer to as our ECOSolv technology or the ECOSolv process.