Rio2 (TSE:RIO) Shares Down 2.6% – Here’s Why

Shares of Rio2 Limited (TSE:RIO) dropped 2.6% during mid-day trading on Monday . The stock traded as low as C$2.60 and last traded at C$2.61. 280,434 shares were traded during trading, a decline of 82% from the average session volume of 1,549,534 shares. The stock had previously closed at C$2.68.

Wall Street Analysts Forecast Growth

Separately, National Bank Financial set a C$5.50 target price on Rio2 and gave the company an “outperform” rating in a report on Friday, May 29th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Rio2 currently has an average rating of “Buy” and a consensus target price of C$5.50.

Rio2 Trading Down 2.6%

The company has a 50 day simple moving average of C$2.86 and a 200 day simple moving average of C$3.04. The company has a current ratio of 2.10, a quick ratio of 1.09 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of C$1.43 billion, a PE ratio of 261.00 and a beta of 2.15.

Rio2 (TSE:RIO) last announced its earnings results on Saturday, May 16th. The company reported C$0.03 earnings per share for the quarter. The company had revenue of C$91.56 million during the quarter. Analysts predict that Rio2 Limited will post -0.03 earnings per share for the current fiscal year.

Rio2 Company Profile

Rio2 Limited engages in the exploration, development, and mining of mineral properties in Canada, Peru, Bahamas, and Chile. It holds a 100% in the Fenix Gold Project covering an area of approximately 16,050 hectares located in Chile. The company was incorporated in 1990 and is headquartered in Vancouver, Canada.