In recent days, the Prospect Ridge Resources Corp (OTCMKTS:PRRSF) stock has been in the middle of a strong downward spiral and that led to the continued selloff in the stock. Yesterday, the stock declined by as much as 10% as the selloff continued and that took the decline recorded by it to 20% over the past week.
Market Reaction
On Thursday, PRRSF stock moved down by 10.57% to $0.8191 with more than 34.23k shares, compared to its average volume of 60.46K shares. The stock has moved within a range of $0.8191 – 0.9760 after opening trade at $0.85.
Recent News
On Thursday, the company was in the news once again after it provided an update with regards to its highlights as a company over the course of 2021. The company noted that it had managed to complete two significant property acquisitions in the form of Knauss Creek and Holy Grail.
Both of those properties are situated in British Columbia. On the other hand, the company also noted that it already has a total of 4 drill targets that are ready for Spring 2022 and the permit applications for the same have already been submitted.
However, these announcements from the company on Thursday did not lead to any enthusiasm or optimism from investors and that reflected in the price action in the stock. It is now going to be interesting to see if the Prospect Ridge Resources stock can manage to make a recovery any time soon.
Key Quote
Michael Iverson, CEO states, “We’re very excited to be wrapping up our first year with so many milestones already completed. After over 30 years in the mining industry, I have never seen so much progress so quickly. Looking forward to 2022, we will be continuing to prospect through winter and start drilling in spring. We are also still waiting on 50% of the assays from this past summer and will be receiving the results over the coming months and be sharing the news with the markets”.
Traders Review
PRRSF stock is trading above the 200-Day and 50-Day Moving averages of $0.0703 and $0.0868 respectively. However, the stock is trading below the 20-Day moving average of $1.11.
