Foran Mining (CVE:FOM) Stock Price Passes Below 50-Day Moving Average – Here’s Why

Foran Mining Co. (CVE:FOM)’s stock price passed below its 50 day moving average during trading on Thursday . The stock has a 50 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.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. National Bankshares increased their target price on Foran Mining from C$4.25 to C$4.50 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Cormark increased their price objective on Foran Mining from C$3.75 to C$4.25 in a research note on Tuesday, September 30th. Finally, Scotiabank raised their price objective on Foran Mining from C$4.25 to C$4.50 in a research report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$4.50.

Foran Mining Price Performance

The company has a quick ratio of 2.90, a current ratio of 6.03 and a debt-to-equity ratio of 6.98. The stock’s 50 day moving average price is C$3.23 and its two-hundred day moving average price is C$3.23. The firm has a market capitalization of C$1.72 billion, a price-to-earnings ratio of -247.76 and a beta of 3.68.

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.