Foran Mining (CVE:FOM) Share Price Passes Below 50-Day Moving Average – Here’s Why
by Kim Johansen · The Markets DailyShares of Foran Mining Co. (CVE:FOM – Get Free Report) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty 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.
Analyst Ratings Changes
Several analysts have recently weighed in on FOM shares. Stifel Nicolaus downgraded Foran Mining from a “buy” rating to a “hold” rating and raised their target price for the company from C$5.50 to C$6.60 in a research note on Wednesday, February 11th. ATB Cormark Capital Markets downgraded Foran Mining from an “outperform” rating to a “tender” rating and increased their price target for the company from C$5.00 to C$6.60 in a report on Tuesday, February 3rd. Scotiabank raised their price objective on Foran Mining from C$4.50 to C$6.00 in a research note on Thursday, January 8th. Ventum Financial lifted their price objective on Foran Mining from C$5.25 to C$5.50 in a report on Tuesday, December 16th. Finally, National Bank Financial upped their target price on Foran Mining from C$5.25 to C$8.50 in a research report on Thursday, January 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Foran Mining currently has a consensus rating of “Moderate Buy” and a consensus price target of C$5.89.
Check Out Our Latest Analysis on FOM
Foran Mining Stock Up 3.9%
The firm has a market cap of C$1.72 billion, a P/E ratio of -247.76 and a beta of 3.68. The firm’s 50-day moving average price is C$3.23 and its 200 day moving average price is C$3.23. The company has a debt-to-equity ratio of 36.64, a current ratio of 2.54 and a quick ratio of 2.90.
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. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.