Foran Mining (CVE:FOM) Shares Pass Below 50 Day Moving Average – Should You Sell?

Foran Mining Co. (CVE:FOM)’s stock price crossed below its 50-day moving average during trading on Friday . The stock has a 50-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.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FOM shares. Cormark lifted their price objective on shares of Foran Mining from C$3.75 to C$4.25 in a research report on Tuesday, September 30th. Scotiabank lifted their price objective on shares of Foran Mining from C$4.25 to C$4.50 in a research report on Tuesday. Finally, National Bankshares lifted their price objective on shares of Foran Mining from C$4.25 to C$4.50 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$4.83.

Foran Mining Stock Performance

The company has a debt-to-equity ratio of 6.98, a quick ratio of 2.90 and a current ratio of 6.03. The firm’s 50 day moving average is C$3.23 and its 200-day moving average is C$3.23. The firm has a market cap of C$1.72 billion, a price-to-earnings ratio of -247.76 and a beta of 3.68.

Foran Mining Company Profile

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.