Fortune Minerals (TSE:FT) Hits New 52-Week High – Still a Buy?

Fortune Minerals Limited (TSE:FT)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as C$0.22 and last traded at C$0.21, with a volume of 621244 shares changing hands. The stock had previously closed at C$0.20.

Fortune Minerals Trading Up 7.7%

The firm has a market cap of C$127.64 million, a P/E ratio of -21.00 and a beta of -1.69. The company has a current ratio of 0.15, a quick ratio of 0.04 and a debt-to-equity ratio of -157.84. The company’s fifty day moving average price is C$0.13 and its two-hundred day moving average price is C$0.11.

Insiders Place Their Bets

In other news, insider Patricia-Lynn Penney sold 561,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were 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 owned -600,000 shares of the company’s stock, valued at approximately C($96,000). This trade represents a -1,438.46% decrease in their ownership of the stock. Insiders have sold 1,250,000 shares of company stock worth $202,565 over the last quarter. 5.87% of the stock is currently owned by corporate insiders.

Fortune Minerals Company Profile

Fortune Minerals Ltd is a Canadian mining and mine development company focused on developing the NICO Cobalt-Gold-Bismuth Copper Project in the Northwest Territories. The company plans to build a hydrometallurgical plant in southern Canada to process NICO metal concentrates. It also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life.