Foran Mining (CVE:FOM) Share Price Passes Below 50-Day Moving Average – Time to Sell?

Shares of Foran Mining Co. (CVE:FOM) crossed below its 50-day moving average during trading on Wednesday . 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 1,032,725 shares traded.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. BMO Capital Markets cut their target price on shares of Foran Mining from C$5.25 to C$5.00 and set an “outperform” rating for the company in a research note on Wednesday, September 18th. Stifel Nicolaus boosted their target price on shares of Foran Mining from C$4.75 to C$5.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th.

Foran Mining Stock Performance

The company has a market cap of C$828.20 million, a PE ratio of -64.60 and a beta of 3.68. The company has a debt-to-equity ratio of 13.01, a quick ratio of 2.90 and a current ratio of 6.55. The firm’s 50 day moving average is C$3.23 and its 200-day moving average is C$3.23.

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.