Western Sierra Resource (OTCMKTS:WSRC) stock is on a wild rise as shares rocketed nearly 1,000% higher yesterday but are falling today.
Here’s everything potential investors need to know about Western Sierra Resource and its volatile share price.
- First off, it’s worth pointing out that Western Sierra Resource is the definition of a penny stock.
- Before yesterday’s jump, it was only trading for fractions of a penny.
- However, today it’s sitting much higher with shares in the 20 cents range.
- The major news affecting Western Sierra Resource has to do with a deal involving Silver State Mining.
- The company revealed that it intends to acquire 70% of Silver State Mining’s common stock.
- That’s worth noting at Silver State Mining owns 49% of the Sage Hen Mining claims in Nevada amounting to 460 acres.
- This has it adjacent to the Relief Canyon Mine in the Oreana Tend.
- Recovery system assays have returned gold, silver, platinum, palladium, and rhodium in the area.
- The goal is for Western Sierra Resource and Silver State Mining to start up a 100 ton a day plan that will immediately move up to 1,100 tons per day.
- This has projected annual net income from the project ranging from $269 million and $3.2 billion.
- WSRC stock is seeing heavy trading on that news.
- As of this writing, more than 31 million shares of the stock have changed hands.
- That’s a massive increase over its daily average trading volume of about 3.6 million shares.
WSRC stock was down 29.9% as of Wednesday morning but is up 760% since the start of the year.
Of course, there’s plenty of other stock market news investors will want to be aware of today.
InvestorPlace.com offers a wide variety of coverage for the market. That includes the most recent news affecting KB Home (NYSE:KBH), Churchill Capital Corp IV (NYSE:CCIV), and what stocks were doing in the pre-market hours.
More Wednesday Stock Market News
- KBH Stock: Why Redditors Are Betting on a Big Short Squeeze for KB Home
- CCIV Stock: The Lucid Motors News That Has Churchill Revving Up Today
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed
