Foran Mining (CVE:FOM) Stock Price Passes Below 50 Day Moving Average – Time to Sell?

Shares of Foran Mining Co. (CVE:FOM) 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 traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FOM shares. Ventum Financial raised their price target on shares of Foran Mining from C$5.25 to C$5.50 in a research note on Tuesday, December 16th. ATB Cormark Capital Markets downgraded Foran Mining from an “outperform” rating to a “tender” rating and upped their price objective for the company from C$5.00 to C$6.60 in a research note on Tuesday, February 3rd. Scotiabank raised their target price on Foran Mining from C$4.50 to C$6.00 in a research report on Thursday, January 8th. Stifel Nicolaus lowered Foran Mining from a “buy” rating to a “hold” rating and boosted their target price for the company from C$5.50 to C$6.60 in a research note on Wednesday, February 11th. Finally, National Bank Financial upped their price target on Foran Mining from C$5.25 to C$8.50 in a research report on Thursday, January 29th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$5.89.

Foran Mining Trading Up 3.9%

The company has a market cap of C$1.72 billion, a P/E ratio of -247.76 and a beta of 3.68. The company has a quick ratio of 2.90, a current ratio of 2.54 and a debt-to-equity ratio of 36.64. The firm’s 50-day moving average price is C$3.23 and its 200-day moving average price is C$3.23.

Foran Mining Company Profile

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.