Foraco International (TSE:FAR) Shares Pass Above 200-Day Moving Average – What’s Next?

Foraco International SA (TSE:FAR)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$2.52 and traded as high as C$2.79. Foraco International shares last traded at C$2.76, with a volume of 12,782 shares changing hands.

Wall Street Analyst Weigh In

Separately, Desjardins lifted their price objective on Foraco International from C$3.00 to C$4.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Foraco International presently has a consensus rating of “Buy” and a consensus price target of C$4.50.

Foraco International Stock Performance

The firm has a market cap of C$270.58 million, a PE ratio of 17.69 and a beta of 1.10. The company has a debt-to-equity ratio of 99.57, a current ratio of 1.36 and a quick ratio of 0.88. The stock has a 50-day moving average price of C$2.91 and a 200 day moving average price of C$2.52.

Foraco International (TSE:FAR) last issued its earnings results on Monday, March 2nd. The company reported C$0.03 earnings per share for the quarter. Foraco International had a return on equity of 16.77% and a net margin of 6.02%.The firm had revenue of C$86.61 million for the quarter. Research analysts forecast that Foraco International SA will post 0.5984655 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director William Warren Holmes bought 17,000 shares of Foraco International stock in a transaction that occurred on Monday, March 16th. The shares were purchased at an average price of C$2.84 per share, for a total transaction of C$48,280.00. Following the completion of the acquisition, the director owned 450,001 shares of the company’s stock, valued at C$1,278,002.84. The trade was a 3.93% increase in their ownership of the stock. Insiders own 35.74% of the company’s stock.

About Foraco International

Foraco International SA is the business of providing mineral and water drilling services and hydraulic drilling. It specializes in drilling in harsh environments and isolated locations including desert, and mountainous regions. The principal sources of revenue consist of drilling contracts for companies involved in mining and water exploration. The group has its operations in Europe, the Middle East and Africa, North America, South America and the Asia Pacific.