Foran Mining (CVE:FOM) Stock Crosses Below 50 Day Moving Average – Here’s What Happened

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 changing hands.

Wall Street Analysts Forecast Growth

FOM has been the subject of a number of recent research reports. Scotiabank boosted their target price on shares of Foran Mining from C$4.50 to C$6.00 in a research report on Thursday, January 8th. ATB Cormark Capital Markets cut shares of Foran Mining from an “outperform” rating to a “tender” rating and lifted their price objective for the stock from C$5.00 to C$6.60 in a research note on Tuesday, February 3rd. National Bank Financial increased their target price on shares of Foran Mining from C$5.25 to C$8.50 in a research report on Thursday, January 29th. Ventum Financial raised their target price on shares of Foran Mining from C$5.25 to C$5.50 in a report on Tuesday, December 16th. Finally, Stifel Nicolaus cut Foran Mining from a “buy” rating to a “hold” rating and boosted their price target for the company from C$5.50 to C$6.60 in a research note on Wednesday, February 11th. 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$5.89.

Foran Mining Trading Up 3.9%

The firm’s fifty day simple moving average is C$3.23 and its 200 day simple moving average is C$3.23. The stock has a market capitalization of C$1.72 billion, a P/E ratio of -247.76 and a beta of 3.68. The company has a debt-to-equity ratio of 6.98, a quick ratio of 2.90 and a current ratio of 6.03.

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.