Geomega Resources (CVE:GMA) Shares Up 23.5% – Should You Buy?

Geomega Resources Inc. (CVE:GMA) shares shot up 23.5% during mid-day trading on Wednesday . The company traded as high as C$0.11 and last traded at C$0.11. 329,284 shares traded hands during mid-day trading, an increase of 480% from the average session volume of 56,766 shares. The stock had previously closed at C$0.09.

Geomega Resources Price Performance

The company has a 50-day moving average of C$0.09 and a 200 day moving average of C$0.09. The company has a debt-to-equity ratio of 62.12, a quick ratio of 6.08 and a current ratio of 2.17. The firm has a market cap of C$13.62 million, a P/E ratio of -9.50 and a beta of 1.88.

Geomega Resources Company Profile

Geomega Resources Inc engages in the acquisition, evaluation, and exploration of mining properties in Canada. The company primarily explores for rare earth elements and niobium deposits. It owns a 100% interest in the Montviel property comprising 106 mining claims covering an area of approximately 5,889 hectares located 100 km north of Lebel-surQuévillon and 45 km west of the Cree First Nation of Waswanipi.