Fortune Minerals (TSE:FT) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Fortune Minerals Limited (TSE:FT) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$0.14 and traded as low as C$0.12. Fortune Minerals shares last traded at C$0.12, with a volume of 162,775 shares changing hands.

Wall Street Analyst Weigh In

Separately, Fundamental Research set a C$0.63 target price on shares of Fortune Minerals and gave the stock a “buy” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of C$0.63.

Fortune Minerals Trading Down 4.0%

The company has a debt-to-equity ratio of -157.84, a current ratio of 0.15 and a quick ratio of 0.04. The stock’s 50 day moving average is C$0.16 and its 200-day moving average is C$0.14. The company has a market capitalization of C$78.77 million, a P/E ratio of -12.00 and a beta of -1.53.

Insider Buying and Selling at Fortune Minerals

In other news, insider Patricia-Lynn Penney sold 561,000 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of C$0.16, for a total value of C$89,760.00. Following the completion of the transaction, the insider owned -600,000 shares of the company’s stock, valued at approximately C($96,000). This represents a -1,438.46% decrease in their position. In the last quarter, insiders sold 1,250,000 shares of company stock worth $202,565. 5.87% of the stock is currently owned by corporate insiders.

Fortune Minerals Company Profile

Fortune is a Canadian mining and mineral processing company focused on developing the NICO cobalt-gold-bismuth-copper project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO deposit and is a potential future source of incremental feed to extend the life of the NICO concentrator.