The Peninsula Energy (ASX:PEN) share price lifted 14% today

The Peninsula Energy (ASX: PEN) share price is trading at 14% higher today – the highest it’s been since February.

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The Peninsula Energy (ASX: PEN) share price closed more than 14% higher today, and with no new announcements from the company, the question is why.

At the time of writing, the Peninsula Energy share price is trading at 12 cents, which is the highest it’s been since February.

Let’s dig deeper into the Peninsula Energy share price

The uranium mining company’s share price has increased by more than 22% since it released its half-yearly report last Thursday.

The results for the half-year ending 31 December 2020 included a strong balance sheet, with generally slightly higher incomes and lower losses than the previous year’s report. While it housed no red flags, neither did it contain any potential gold mines.

One point of difference is the fact the half-yearly report is the first released since the company began trading in the OTCQB Venture Market in February.

Being listed in the OTCQB Venture Market is reserved for penny stocks and small foreign companies. It allows a company greater access to overseas investors.

Upon being approved to trade in the OTCQB Venture Market, Peninsula CEO Wayne Heili said:

US based investors have demonstrated a keen awareness of Peninsula and our flagship Lance Project located in the State of Wyoming but they have been limited to trading of shares during Australian market hours.

Share price snapshot 

The Peninsula Energy share price started of poorly this month, but its latest gain might be the beginning of a recovery. It is currently trading at 12 cents, up from yesterday’s closing price of 10.5 cents.

The Peninsula Energy share price is currently up 55.8% over the past 12 months and up 4% year to date.  

The company has a market capitalisation of $93.8 million with approximately 893 million shares outstanding.

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The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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