Erdene Resource Development (TSE:ERD) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Erdene Resource Development Co. (TSE:ERD) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$7.83 and traded as high as C$8.97. Erdene Resource Development shares last traded at C$8.79, with a volume of 81,697 shares traded.

Erdene Resource Development Stock Down 1.9%

The firm’s 50-day moving average price is C$7.83 and its 200 day moving average price is C$5.01. The firm has a market cap of C$541.74 million, a P/E ratio of -43.95 and a beta of 1.46.

Erdene Resource Development (TSE:ERD) last issued its quarterly earnings results on Tuesday, November 4th. The company reported C$0.05 earnings per share for the quarter.

Insiders Place Their Bets

In related news, Director Peter Akerley sold 65,000 shares of the stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of C$10.44, for a total value of C$678,600.00. Following the completion of the sale, the director directly owned 482,246 shares of the company’s stock, valued at approximately C$5,034,648.24. This represents a 11.88% decrease in their position. Insiders own 22.51% of the company’s stock.

Erdene Resource Development Company Profile

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.