Azimut Exploration (CVE:AZM) Shares Down 17% – Here’s Why

Azimut Exploration Inc. (CVE:AZM)’s share price was down 17% during mid-day trading on Monday . The stock traded as low as C$0.70 and last traded at C$0.78. Approximately 1,181,359 shares traded hands during trading, an increase of 560% from the average daily volume of 178,968 shares. The stock had previously closed at C$0.94.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft downgraded shares of Azimut Exploration from a “buy” rating to a “hold” rating in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Azimut Exploration Trading Down 17.0%

The company has a current ratio of 3.17, a quick ratio of 5.50 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of C$78.57 million, a price-to-earnings ratio of -37.14 and a beta of 1.87. The business has a 50 day simple moving average of C$0.85 and a 200-day simple moving average of C$0.76.

Insider Activity

In related news, insider Jonathan Rosset bought 35,000 shares of the stock in a transaction that occurred on Wednesday, December 31st. The stock was purchased at an average cost of C$0.76 per share, for a total transaction of C$26,600.00. Following the completion of the acquisition, the insider owned 655,000 shares in the company, valued at C$497,800. This trade represents a 5.65% increase in their ownership of the stock. Corporate insiders own 16.63% of the company’s stock.

About Azimut Exploration

Azimut Exploration Inc engages in the acquisition, exploration, and evaluation of mineral properties in Canada. The company explores for copper, gold, base metals, chromium, nickel, diamond, tellurium, bismuth, tungsten, tin, molybdenum, rhenium, indium, rare earth elements, uranium, zinc, silver, cobalt, and platinum group elements. Its 100% owned flagship project is the Elmer gold project located in the James Bay region. The company was incorporated in 1986 and is based in Longueuil, Canada.