Neo Performance Materials (TSE:NEO) Shares Up 16.8% – Here’s What Happened

Neo Performance Materials Inc. (TSE:NEO)’s share price shot up 16.8% on Wednesday . The stock traded as high as C$10.88 and last traded at C$10.82. 404,363 shares changed hands during mid-day trading, an increase of 392% from the average session volume of 82,119 shares. The stock had previously closed at C$9.26.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus increased their price target on shares of Neo Performance Materials from C$15.00 to C$16.50 and gave the company a “buy” rating in a report on Wednesday, March 19th.

Neo Performance Materials Stock Performance

The company has a debt-to-equity ratio of 10.65, a current ratio of 2.59 and a quick ratio of 1.92. The business has a 50-day moving average of C$8.43 and a 200-day moving average of C$8.23. The company has a market capitalization of C$316.67 million, a P/E ratio of -142.10 and a beta of 1.38.

About Neo Performance Materials

Neo Performance Materials Inc engages in the manufacture and sale of rare earth, magnetic powders, magnets, and rare metal-based functional materials in Canada and internationally. The company operates in three segments: Magnequench, Chemicals and Oxides, and Rare Metals. The Magnequench segment produces magnetic powders that are used in bonded and hot deformed fully dense neodymium-iron-boron magnets; and bonded magnets.