Foran Mining (CVE:FOM) Stock Price Crosses Below 200-Day Moving Average – Time to Sell?

Foran Mining Co. (CVE:FOM) shares passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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 trading hands.

Analyst Upgrades and Downgrades

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

Foran Mining Trading Up 3.9%

The firm has a market capitalization of C$1.72 billion, a P/E ratio of -247.76 and a beta of 3.68. The stock’s 50-day simple moving average is C$3.23 and its two-hundred day simple moving average is C$3.23. The company has a debt-to-equity ratio of 36.69, a current ratio of 1.58 and a quick ratio of 2.90.

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.