Champion Iron (OTCMKTS:CIAFF) Stock Price Down 2% – Here’s Why

Champion Iron Limited (OTCMKTS:CIAFF)’s share price dropped 2% on Friday. The stock traded as low as $1.6589 and last traded at $1.6665. Approximately 338,281 shares were traded during mid-day trading, an increase of 274% from the average daily volume of 90,448 shares. The stock had previously closed at $1.70.

Analyst Ratings Changes

Separately, Scotiabank reaffirmed an “outperform” rating on shares of Champion Iron in a report on Friday, July 31st. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Champion Iron has an average rating of “Moderate Buy”.

Champion Iron Price Performance

The company’s 50 day simple moving average is $2.30 and its 200 day simple moving average is $2.87.

About Champion Iron

Champion Iron Limited is a Canadian mining company focused on the development, operation and exploration of iron ore properties. Its principal asset is the Bloom Lake Mine, an open-pit operation in Quebec’s Labrador Trough that produces high-grade iron ore concentrate for the global steelmaking industry.

The company’s Bloom Lake operations include an ore processing facility and related rail and port infrastructure. Concentrate is transported through the Quebec North Shore and Labrador Railway to the Port of Sept-Îles for shipment to international customers, including steel producers in markets across Asia, Europe and the Middle East.

Champion Iron acquired the Bloom Lake assets in 2016 and restarted commercial production in 2018 after the mine had previously operated under earlier ownership.