Foran Mining (CVE:FOM) Stock Price Passes Below 50-Day Moving Average – Here’s Why

Foran Mining Co. (CVE:FOM) crossed below its 50-day moving average during trading on Thursday . The stock has a 50-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 trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FOM. Cormark increased their price target on shares of Foran Mining from C$3.75 to C$4.25 in a research note on Tuesday, September 30th. National Bankshares upped their price objective on shares of Foran Mining from C$4.25 to C$4.50 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Finally, Scotiabank raised their target price on Foran Mining from C$4.25 to C$4.50 in a report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Foran Mining has an average rating of “Moderate Buy” and an average target price of C$4.50.

Foran Mining Trading Up 3.9%

The company’s fifty day moving average is C$3.23 and its 200-day moving average is C$3.23. The company has a current ratio of 6.03, a quick ratio of 2.90 and a debt-to-equity ratio of 6.98. The firm has a market capitalization of C$1.72 billion, a P/E ratio of -247.76 and a beta of 3.68.

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.