Erdene Resource Development (TSE:ERD) Share Price Crosses Below 200 Day Moving Average – Here’s What Happened

Erdene Resource Development Co. (TSE:ERD)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$8.15 and traded as low as C$6.30. Erdene Resource Development shares last traded at C$6.42, with a volume of 67,293 shares trading hands.

Wall Street Analyst Weigh In

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

Erdene Resource Development Price Performance

The company has a current ratio of 3.54, a quick ratio of 4.27 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of C$416.41 million, a PE ratio of -49.38 and a beta of 1.53. The business has a fifty day moving average price of C$7.71 and a 200-day moving average price of C$8.15.

Erdene Resource Development (TSE:ERD) last announced its quarterly earnings data on Tuesday, March 24th. The company reported C($0.06) earnings per share for the quarter.

About Erdene Resource Development

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.