Gulf Resources (NASDAQ:GURE) Shares Cross Below 200-Day Moving Average – What’s Next?

Gulf Resources, Inc. (NASDAQ:GURE) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.53 and traded as low as $3.53. Gulf Resources shares last traded at $3.53, with a volume of 800 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of Gulf Resources from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Gulf Resources Stock Down 6.9%

The stock has a market capitalization of $5.44 million, a P/E ratio of -0.07 and a beta of -0.13. The stock has a 50 day simple moving average of $3.91 and a two-hundred day simple moving average of $4.53.

Hedge Funds Weigh In On Gulf Resources

A hedge fund recently raised its position in Gulf Resources stock. Citadel Advisors LLC raised its position in Gulf Resources, Inc. (NASDAQ:GURE) by 33.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,944 shares of the specialty chemicals company’s stock after acquiring an additional 28,020 shares during the quarter. Citadel Advisors LLC owned approximately 8.46% of Gulf Resources worth $59,000 at the end of the most recent reporting period. 3.28% of the stock is owned by institutional investors and hedge funds.

About Gulf Resources

Gulf Resources, Inc (NASDAQ: GURE) is an industrial mineral exploration and development company focused on phosphate rock and related product development. The company’s primary objective is to advance mineral projects that supply phosphate-based raw materials for agricultural and industrial applications, including production of fertilizers, animal feed supplements and specialty chemical precursors.

Gulf Resources’ flagship asset is its Hamilton County phosphate project in north central Florida, where it holds extensive mineral leases covering phosphate-bearing formations.