Petro Matad (LON:MATD) Shares Pass Below Two Hundred Day Moving Average – Time to Sell?

Shares of Petro Matad Limited (LON:MATD) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 1.70 ($0.02) and traded as low as GBX 1.55 ($0.02). Petro Matad shares last traded at GBX 1.55 ($0.02), with a volume of 3,635,981 shares trading hands.

Wall Street Analyst Weigh In

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

Petro Matad Stock Down 6.1 %

The firm has a 50 day simple moving average of GBX 1.61 and a two-hundred day simple moving average of GBX 1.70. The stock has a market capitalization of £28.78 million, a P/E ratio of -3.28 and a beta of 2.24.

Petro Matad Company Profile

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.