Fortune Minerals (TSE:FT) Trading Down 7.7% – Here’s Why

Fortune Minerals Limited (TSE:FT) shares dropped 7.7% during mid-day trading on Wednesday . The company traded as low as C$0.06 and last traded at C$0.06. Approximately 318,500 shares were traded during trading, a decline of 13% from the average daily volume of 366,218 shares. The stock had previously closed at C$0.07.

Wall Street Analysts Forecast Growth

Separately, Fundamental Research set a C$0.42 price target on Fortune Minerals and gave the stock a “buy” rating in a research note on Tuesday, April 22nd.

Fortune Minerals Stock Performance

The company has a current ratio of 0.39, a quick ratio of 0.04 and a debt-to-equity ratio of -111.61. The firm has a fifty day simple moving average of C$0.06 and a 200 day simple moving average of C$0.05. The stock has a market cap of C$34.82 million, a price-to-earnings ratio of -12.17 and a beta of 0.01.

Fortune Minerals Company Profile

Fortune Minerals Limited engages in the exploration and development of specialty metals, base metals, and precious metals in Canada. The company explores for gold, cobalt, bismuth, copper, silver, lead, and zinc deposits. Its primary asset is the NICO gold-cobalt-bismuth-copper project covering an area of 5,140 hectares located in the Northwest Territories.