Gulf Resources Inc. (GURE) lost ground during morning trading on September 22 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector halfway through the trading day. At the lunch break, shares of GURE have fallen 4.07% to $2.36 after closing the day prior at $2.46. So far, the stock has traded as high as $2.5 and as low as $2.36. Today’s decline has come with about 145,946 shares changing hands, compared to an average 30-day volume of 206,301 for Gulf Resources Inc.. The price is currently below the 30-day volume weighted average price of $2.41 for GURE.
The share depreciation gives the company a market capitalization of $113.2 million based upon 46.02 million shares outstanding. It also means that GURE has a price-to-book ratio of 0.32:1.
In the past 52 weeks, shares of GURE have traded as low as $1.31 and as high as $2.49. Technical traders will take note that at $2.36, shares of GURE are trading above their 200-day MA at $1.63 and above their 50-day MA at $1.74. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is GURE?
Gulf Resources Inc manufactures and trades bromine and crude salt, and manufactures and sells chemical products used in oil and gas field exploration, oil and gas distribution, oil field drilling, wastewater processing, papermaking chemical agents. The company’s 738 employees are led by CEO Xiaobin Liu from the corporate headquarters at Level 11,Vegetable Building in Shouguang City, Shandong.
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