Raymond James cut shares of Rio2 (CVE:RIO – Get Rating) from a strong-buy rating to a market perform rating in a research note issued to investors on Monday morning, BayStreet.CA reports. The brokerage currently has C$0.40 target price on the stock, down from their previous target price of C$1.50.
CVE RIO opened at C$0.30 on Monday. The stock’s 50-day moving average is C$0.55 and its 200-day moving average is C$0.63. Rio2 has a one year low of C$0.22 and a one year high of C$0.85. The firm has a market cap of C$77.02 million and a P/E ratio of -5.45. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.64 and a quick ratio of 3.52.
Rio2 (CVE:RIO – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported C($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of C($0.01). Equities analysts anticipate that Rio2 will post -0.05 EPS for the current year.
Rio2 Limited engages in the exploration, development, and mining of mineral properties in Canada, Peru, and Chile. Its flagship project is 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.
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