Fortune Minerals (TSE:FT) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Fortune Minerals Limited (TSE:FT) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$0.13 and traded as high as C$0.16. Fortune Minerals shares last traded at C$0.16, with a volume of 265,031 shares changing hands.

Analyst Ratings Changes

Separately, Fundamental Research set a C$0.63 price objective on shares of Fortune Minerals and gave the company a “buy” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, Fortune Minerals currently has a consensus rating of “Buy” and a consensus price target of C$0.63.

Fortune Minerals Price Performance

The company has a debt-to-equity ratio of -157.84, a current ratio of 0.15 and a quick ratio of 0.04. The firm has a market capitalization of C$98.46 million, a price-to-earnings ratio of -15.00 and a beta of -1.76. The stock has a 50 day moving average price of C$0.16 and a two-hundred day moving average price of C$0.13.

Insider Activity

In other Fortune Minerals news, insider Patricia-Lynn Penney sold 561,000 shares of Fortune Minerals stock in a transaction dated Friday, May 8th. The stock was sold at an average price of C$0.16, for a total transaction of C$89,760.00. Following the completion of the sale, the insider directly owned -600,000 shares of the company’s stock, valued at C($96,000). The trade was a -1,438.46% decrease in their position. Over the last three months, insiders have sold 1,250,000 shares of company stock worth $202,565. 5.87% of the stock is currently owned by insiders.

Fortune Minerals Company Profile

Fortune is a Canadian mining and mineral processing company focused on developing the NICO cobalt-gold-bismuth-copper project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO deposit and is a potential future source of incremental feed to extend the life of the NICO concentrator.