Erdene Resource Development (TSE:ERD) Stock Passes Above 50-Day Moving Average – Should You Sell?

Erdene Resource Development Co. (TSE:ERD)’s stock price passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$7.83 and traded as high as C$8.97. Erdene Resource Development shares last traded at C$8.79, with a volume of 81,697 shares changing hands.

Erdene Resource Development Stock Down 1.9%

The firm has a market capitalization of C$541.74 million, a price-to-earnings ratio of -43.95 and a beta of 1.46. The company’s fifty day moving average is C$7.83 and its two-hundred day moving average is C$5.01.

Erdene Resource Development (TSE:ERD) last posted its earnings results on Tuesday, November 4th. The company reported C$0.05 earnings per share for the quarter.

Insiders Place Their Bets

In related news, Director Peter Akerley sold 65,000 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of C$10.44, for a total value of C$678,600.00. Following the completion of the transaction, the director directly owned 482,246 shares of the company’s stock, valued at approximately C$5,034,648.24. This trade represents a 11.88% decrease in their ownership of the stock. 22.51% of the stock is currently owned by corporate insiders.

Erdene Resource Development Company Profile

Erdene Resource Development Corp is a Canadian-based resource exploration company. It is primarily engaged in the exploration and development of precious metals and mineral deposits in Mongolia. The company’s project consists of Bayan Khundii, Altan Nar, Zuun Mod, and Khuvyn Khar. The Bayan Khundii and Altan Nar project is located within the Tian-Shan copper-gold belt in southwest Mongolia from the Chinese border city of Ceke. The Zuun Mod project is located within 200 kilometres of China’s border in Mongolia’s Bayankhongor Province.