Fortune Minerals (TSE:FT) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Fortune Minerals Limited (TSE:FT) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$0.12 and traded as high as C$0.20. Fortune Minerals shares last traded at C$0.19, with a volume of 611,720 shares changing hands.

Wall Street Analysts Forecast Growth

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

Fortune Minerals Trading Down 2.6%

The company has a market capitalization of C$124.72 million, a P/E ratio of -19.00 and a beta of -1.69. 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 firm has a fifty day moving average price of C$0.15 and a 200-day moving average price of C$0.12.

Insider Activity

In other news, insider Patricia-Lynn Penney sold 561,000 shares of the company’s 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 directly owned -600,000 shares of the company’s stock, valued at C($96,000). This represents a -1,438.46% decrease in their ownership of the stock. Insiders sold 1,250,000 shares of company stock valued at $202,565 over the last three months. Corporate insiders own 5.87% of the company’s stock.

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.