Comstock Mining Inc (NYSEAMERICAN:LODE) Stock Falls On Disappointing Quarterly Earnings

When a company makes a loss in a particular quarter then it is hardly a surprise if it stock suffers from a selloff and that is exactly what happened to the Comstock Mining Inc (NYSEAMERICAN:LODE) stock on Wednesday.

Market Stats

On Wednesday, LODE stock fell 13% at $2.07 with more than 2.60 million shares, compared to its average volume of 794k shares. The stock has moved within a range of $2.0130 – 2.3700 after opening the trade at $2.35

Reports Q3 Loss, Tops Revenue Estimates

In its latest quarterly results that were announced yesterday, the company suffered losses of as much as $0.02 a share and the stock promptly declined by as much as 13% as a consequence. However, at the same time, it is perhaps also important to point out that the losses were lower than the $0.03 a share that had been projected by analysts.

That being said, it is necessary to note that in the prior year period Comstock had managed to bring in profits of as much as $0.09 a share. The situation had been similar in the previous quarter as well.

While it was expected that the company was going to post profits of $0.01 a share, it actually ended up suffering a loss of $0.04 a share in the end. Last but certainly not the least, it is also important to keep in mind that in the last four quarters, Comstock has managed to beat analysts’ estimates only twice.

Traders Corner

LODE stock is above below the 50-Day and 200-Day Moving averages of $2.60 and $3.41 respectively. Moreover, the stock is trading below the 20-Day moving average of $2.35. The stock is down 15% in the past month.