Petro Matad (LON:MATD) Shares Up 18% – Here’s What Happened

Petro Matad Limited (LON:MATD)’s stock price shot up 18% during trading on Tuesday . The stock traded as high as GBX 1.75 ($0.02) and last traded at GBX 1.74 ($0.02). 5,361,474 shares traded hands during trading, a decline of 5% from the average session volume of 5,651,477 shares. The stock had previously closed at GBX 1.48 ($0.02).

Analysts Set New Price Targets

Separately, Shore Capital reaffirmed a “house stock” rating on shares of Petro Matad in a report on Thursday, March 13th.

Petro Matad Stock Up 18.0 %

The firm has a market capitalization of £32.33 million, a PE ratio of -3.68 and a beta of 2.24. The firm’s fifty day simple moving average is GBX 1.45 and its 200-day simple moving average is GBX 1.83.

About Petro Matad

Petro Matad Limited, together with its subsidiaries, engages in the exploration, development, and production of oil in Mongolia. It holds 100% interests in production sharing contract blocks, including Ongi Block V that covers an area of approximately 7,937 square kilometers; and Matad Block XX that consists of an area of approximately 214 square kilometers in Mongolia.