2024FY guidance was given on 11 December- the SP put on a rodeo performance on that day- Opened 1.10 almost unchanged- then rose to 1.15 fell to 99c and recovered to $1.045. Mr Market could not make up his mind at first but concluded that guidance was a miss.
The thing is with earnings and guidance is that the SP does not adjust right away but can follow a direction for a few months.
Another point, looking at sector information in Nabtrade- the materials sector is down 6.6% for the last month. That could do it for a mining services contractor.
On the other hand, gold is holding up well and PRN is strongly weighted to gold producers.
Short positions, per ShortMan, bounced around during the merger bounced around but have been negligible since.
Buckle up for the ride.
IMHO DYOR
PRN Price at posting:
91.0¢ Sentiment: Buy Disclosure: Held
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