Erdene Resource Development (TSE:ERD) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Erdene Resource Development Co. (TSE:ERD) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$8.31 and traded as high as C$8.44. Erdene Resource Development shares last traded at C$8.39, with a volume of 212,084 shares changing hands.

Analysts Set New Price Targets

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

Erdene Resource Development Stock Performance

The stock’s 50-day simple moving average is C$8.31 and its 200-day simple moving average is C$6.62. The firm has a market capitalization of C$517.08 million, a PE ratio of -41.95 and a beta of 1.41.

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

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.