Saudi Minerals shares rise amid strong trading activity

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The shares of the Saudi Arabian Mining Company "Maaden" rose by 1.7% during trading today, Sunday, to reach the level of $16.77 (62.90 riyals), amid noticeable activity in trading, as the volume of traded shares reached 16 times their average trading during the last 20 sessions.

In terms of performance, the stock declined by 2.9% during the last five sessions, while it fell by about 2.6% within a month.

It also decreased by about 1% since the beginning of the year, and by about 10% over 52 weeks, compared to the decline of the Saudi main market index, “TASI,” by about 13% during the same period.

The book value multiple per share was about 3.6 times, while the earnings multiple was about 30.8 times based on historical profits, compared to 27.8 times based on future profits.

The stock is followed by 13 research institutions, whose recommendations are divided between five recommendations to buy, six recommendations to hold, and two recommendations to sell. The average target price for the stock is $18.61 (69.80 riyals), which is approximately 16% higher than the last closing price.

The Public Investment Fund is the largest shareholder in Ma'aden, with a stake of about 63.78%, while other shareholders own the remaining share of about 36.22%.