First Quantum Minerals (TSE:FM) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

First Quantum Minerals Ltd. (TSE:FM) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$37.92 and traded as high as C$44.80. First Quantum Minerals shares last traded at C$44.23, with a volume of 2,539,264 shares changing hands.

Analysts Set New Price Targets

FM has been the topic of several research analyst reports. National Bank Financial boosted their price objective on First Quantum Minerals from C$47.00 to C$50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft raised First Quantum Minerals from a “hold” rating to a “buy” rating and raised their target price for the company from C$40.00 to C$50.00 in a research report on Wednesday, June 3rd. Morgan Stanley cut their price target on shares of First Quantum Minerals from C$46.30 to C$45.20 in a report on Wednesday, July 8th. TD Securities upgraded shares of First Quantum Minerals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Canaccord Genuity Group dropped their target price on shares of First Quantum Minerals from C$48.00 to C$46.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, First Quantum Minerals has an average rating of “Moderate Buy” and an average target price of C$44.68.

First Quantum Minerals Stock Up 3.3%

The firm has a market capitalization of C$39.63 billion, a PE ratio of -527.89, a P/E/G ratio of -1.28 and a beta of 1.38. The stock has a 50-day simple moving average of C$40.45 and a 200-day simple moving average of C$37.98. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 54.66.

First Quantum Minerals (TSE:FM) last issued its quarterly earnings results on Tuesday, July 28th. The company reported C($0.19) EPS for the quarter. The firm had revenue of C$2.16 billion for the quarter. First Quantum Minerals had a negative net margin of 1.44% and a negative return on equity of 0.73%. Analysts forecast that First Quantum Minerals Ltd. will post 0.55872 EPS for the current year.

Insider Activity

In other news, insider Gavin Ashley sold 20,000 shares of First Quantum Minerals stock in a transaction dated Monday, June 15th. The shares were sold at an average price of C$46.00, for a total value of C$920,000.00. Following the completion of the transaction, the insider owned 75,905 shares in the company, valued at C$3,491,630. This trade represents a 20.85% decrease in their ownership of the stock. Also, Director Kathleen Applegate Hogenson bought 1,073 shares of First Quantum Minerals stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average price of C$37.53 per share, with a total value of C$40,269.69. Following the purchase, the director directly owned 62,240 shares of the company’s stock, valued at approximately C$2,335,867.20. This represents a 1.75% increase in their ownership of the stock. 19.35% of the stock is owned by corporate insiders.

First Quantum Minerals Company Profile

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.