Erdene Resource Development (TSE:ERD) Stock Passes Below 50-Day Moving Average – Here’s Why

Shares of Erdene Resource Development Co. (TSE:ERD) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$8.32 and traded as low as C$6.09. Erdene Resource Development shares last traded at C$6.21, with a volume of 187,401 shares.

Analyst Ratings Changes

Separately, Paradigm Capital raised their target price on Erdene Resource Development from C$11.00 to C$14.40 and gave the company a “speculative buy” rating in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Erdene Resource Development has a consensus rating of “Buy” and an average target price of C$14.40.

Erdene Resource Development Stock Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.27 and a current ratio of 4.16. The company has a market capitalization of C$402.79 million, a PE ratio of -31.05 and a beta of 1.53. The company has a 50 day moving average price of C$8.32 and a 200 day moving average price of C$8.08.

About Erdene Resource Development

Erdene Resource Development Corp is a Canadian-based resource exploration company. It is primarily engaged in the exploration and development of precious metals and mineral deposits in Mongolia. The company’s project consists of Bayan Khundii, Altan Nar, Zuun Mod, and Khuvyn Khar. The Bayan Khundii and Altan Nar project is located within the Tian-Shan copper-gold belt in southwest Mongolia from the Chinese border city of Ceke. The Zuun Mod project is located within 200 kilometres of China’s border in Mongolia’s Bayankhongor Province.