General Moly, Inc. (NYSEMKT:GMO)
General Moly, Inc. (NYSEMKT:GMO) shares popped by 45% today on heavy volumes. GMO shares closed Wednesday at $0.30, jumped above $0.36 within an hour then traded sideways until the last hour of trading when they jumped from $0.36 to $0.44. Volumes were heavy – over eight times their 30-day, daily average at over 1.2 million.
The company is based in Lakewood, CO and was formed in 1925. General Moly, Inc. (NYSEMKT:GMO), and its subsidiary, Eureka Moly, LLC, explores, develops, and mines molybdenum and copper in the United States. One of its key assets is an 80% interest in the Mt. Hope project which comprises 13 patented lode claims and one mill site claim with “proven and probable” molybdenum reserves totaling approximately 1.4 billion pounds located in Eureka County, Nevada.
Since 2013, General Moly, Inc. (NYSEMKT:GMO) has produced no revenues. In 2016 the mining company had an operating loss of $7.13 million. At the end of 2016, General Moly, Inc. (NYSEMKT:GMO) had cash on hand of $8.47 million and reported intangible assets of $213.52 million. Net income was listed at -$8.09 million. In 2012, the EPS loss was (-$0.11). That loss was followed by losses of (-$0.18), (-$0.12), (-$0.16), and (-$0.02) in 2016.
Despite the lack of revenues, General Moly, Inc. (NYSEMKT:GMO) has gained over 73% YTD but just 6.1% for the year. Rodman & Renshaw have a “Strong Buy” rating on GMO shares.
General Moly, Inc. (NYSEMKT:GMO) will participate and meet with investors at the Marcum Microcap Conference in New York on June 15 and 16, 2017. In his presentation, Mr. Hansen will provide an overview of the Company and its major assets in Nevada, the Mt. Hope Project, one of the largest and highest grade primary molybdenum deposits in the world, and the previously mined Liberty Project. He will also discuss the unsustainability of current low molybdenum prices amidst improving long-term fundamentals in the molybdenum market,
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.