Fortune Minerals (TSE:FT) Shares Up 8% – Here’s Why

Fortune Minerals Limited (TSE:FT)’s share price rose 8% on Monday . The stock traded as high as C$0.14 and last traded at C$0.14. Approximately 214,077 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 853,092 shares. The stock had previously closed at C$0.12.

Analyst Ratings Changes

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

Fortune Minerals Price Performance

The firm has a fifty day moving average of C$0.16 and a 200 day moving average of C$0.14. The company has a market capitalization of C$91.90 million, a P/E ratio of -14.00 and a beta of -1.53. The company has a current ratio of 0.15, a quick ratio of 0.04 and a debt-to-equity ratio of -157.84.

Insider Activity

In other news, insider Patricia-Lynn Penney sold 561,000 shares of Fortune Minerals stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of C$0.16, for a total value of C$89,760.00. Following the completion of the sale, the insider directly owned -600,000 shares in the company, valued at C($96,000). The trade was a -1,438.46% decrease in their ownership of the stock. Over the last quarter, insiders have sold 1,250,000 shares of company stock worth $202,565. Company insiders own 5.87% of the company’s stock.

About Fortune Minerals

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.