Prospect Global Resources Inc. (NASDAQ:PGRX) Trading Up after Rights Offering Extension
Northern, WI 06/17/2013 (GDPInsider) – Prospect Global Resources Inc. (NASDAQ:PGRX) started the day at 0.16, a solid 0.02 cents above its previous close of 0.14 and quickly began its rally. The stock has since gained 14.04% in market valuation and has seen over 303,000 shares trading hands. PGRX has a range of 0.1352 and 0.17. Analysts have set a target price of 3.50 for the stock and market cap stands at $11.62 million.
The stock has a 52-week range of 0.13 and 5.25 and since June 14, PGRX has rallied 30.23% on its 52-week low. The gains made in today’s market valuation follows on from the +7.69% increase recorded on the last day of trading last week. Investors have steadily helped to push PGRX’s gain potential into focus and the stock is now level with its second resistance point of 0.16.
PGRX hand announced a rights offering which was set to expire on June 06, 2013, however, the company announced on June 13, that stockholders has until 5:00 pm EST on June 17, 2013 to take up the offer. PGRX issued a special notice for stockholders whose shares are held through a brokerage account, bank or other nominee, will need to provide investment instructions to the nominees no later than 5:00 pm EST on the said expiration date.
PGRX is heavily engaged in the exploration and mining of natural resources and has operations in Holbrook Basin of eastern Arizona. The company seems to be benefiting from a general upswing in the mining sector where other companies have delivered similar performances in market valuation.
The company’s technical chart has shown consistently flat valuations since March so uptick is a welcome sign for investors. The stock is trading 17.94% below its SMA20 and 37.02% below its SMA50.
RSI is trending towards more neutral territory and currently sits at 37.22. PGRX expects a 33.30% increase in EPS for this year and current ROE is 248.40%. There are 64.28 million shares outstanding and has 31.33 million shares at float. Insider transactions are down 67.83% and insiders own 0.40% of the stock in the company.
Is PGRX a solid investment at these levels? Get exclusive data and trends here.
WallStreetAnalyzed.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell securities. Investors should always conduct their own due diligence with any potential investment. Please visit WallStreetAnalyzed.com website, for complete risks and disclosures.