Fortune Minerals (TSE:FT) Share Price Passes Below Two Hundred Day Moving Average – Here’s Why

by · The Markets Daily

Fortune Minerals Limited (TSE:FT – Get Free Report) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$0.13 and traded as low as C$0.13. Fortune Minerals shares last traded at C$0.13, with a volume of 344,815 shares.

Analyst Ratings Changes

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

View Our Latest Stock Report on Fortune Minerals

Fortune Minerals Price Performance

The company has a fifty day moving average of C$0.17 and a 200-day moving average of C$0.13. The firm has a market cap of C$83.69 million, a P/E ratio of -12.75 and a beta of -1.53. The company has a debt-to-equity ratio of -157.84, a current ratio of 0.15 and a quick ratio of 0.04.

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

(Get Free Report)

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.

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