Hawsons Iron share price tumbles another 9% on Friday. What’s going on?

A young couple look upset as they use their phones.A young couple look upset as they use their phones.

The Hawsons Iron Ltd (ASX: HIO) share price is plunging on Friday despite no word from the company.

Making its slump more interesting, the price of iron ore has increased 1.4% to reach US$144.90 a tonne.

At the time of writing, the Hawsons Iron share price is 64 cents, 9.2% lower than its previous close.

For context, the All Ordinaries Index (ASX: XAO) is also trading lower today. The benchmark index has dropped 2.4%.

Let’s take a look at what’s been happening with the iron ore developer’s stock today.

What’s going on with the Hawsons Iron share price?

Hawsons Iron’s stock is struggling alongside the broader market on Friday.

For those not familiar with the company, it was formerly dubbed Carpentaria Resources, trading under the ticker code ASX: CAP.

Hawsons Iron is developing the Hawsons Iron Project in Broken Hill, NSW. According to the company, the project could produce the world’s highest-grade iron products.

Today’s slump sees the stock dumping most of the 10% gain it recorded yesterday. In fact, the stock has been notably volatile lately.

It surged 18% on Monday. It then hit a new 52-week high of $1.08 on Tuesday before slumping to close 18% lower. It continued that fall on Wednesday, plunging 11%.

Though, long-term shareholders appear to have been rewarded for their suffering.

The Hawsons Iron share price has gained 80% over the last 30 days and 282% since the start of 2022.

The post Hawsons Iron share price tumbles another 9% on Friday. What’s going on? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Scott Phillips.

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