Foran Mining (CVE:FOM) Share Price Passes Above 50 Day Moving Average – Time to Sell?

Foran Mining Co. (CVE:FOM)’s share price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$3.23 and traded as high as C$3.25. Foran Mining shares last traded at C$3.23, with a volume of 1,032,727 shares trading hands.

Analyst Ratings Changes

A number of analysts have issued reports on FOM shares. Stifel Nicolaus downgraded Foran Mining from a “buy” rating to a “hold” rating and lifted their price objective for the stock from C$5.50 to C$6.60 in a research note on Wednesday, February 11th. Scotiabank downgraded Foran Mining from an “outperform” rating to a “sector perform” rating and increased their target price for the company from C$6.00 to C$6.60 in a research report on Tuesday, March 24th. 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. ATB Cormark Capital Markets cut shares of Foran Mining from an “outperform” rating to a “tender” rating and boosted their price target for the stock from C$5.00 to C$6.60 in a research report on Tuesday, February 3rd. Finally, National Bank Financial upped their price target on shares of Foran Mining from C$5.25 to C$8.50 in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Foran Mining presently has an average rating of “Hold” and an average target price of C$5.97.

Foran Mining Trading Up 3.9%

The company’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 cap of C$1.72 billion, a PE ratio of -247.76 and a beta of 3.68. The company has a quick ratio of 2.90, a current ratio of 1.58 and a debt-to-equity ratio of 36.69.

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. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.