Foran Mining (CVE:FOM) Share Price Passes Below 200-Day Moving Average – Here’s Why

Foran Mining Co. (CVE:FOM) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$3.23 and traded as low as C$3.09. Foran Mining shares last traded at C$3.23, with a volume of 1,032,727 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Scotiabank cut Foran Mining from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from C$6.00 to C$6.60 in a research report on Tuesday, March 24th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of C$6.34.

Foran Mining Stock Performance

The company has a market cap of C$1.72 billion, a PE ratio of -247.76 and a beta of 3.68. The company has a debt-to-equity ratio of 18.16, a quick ratio of 2.90 and a current ratio of 6.01. The firm’s 50 day moving average is C$3.23 and its 200-day moving average is C$3.23.

About Foran Mining

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.