Azimut Exploration (CVE:AZM) Shares Down 17% – What’s Next?

Shares of Azimut Exploration Inc. (CVE:AZM) were down 17% on Monday . The company traded as low as C$0.70 and last traded at C$0.78. Approximately 1,181,359 shares traded hands during mid-day trading, an increase of 560% from the average daily volume of 178,968 shares. The stock had previously closed at C$0.94.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft downgraded Azimut Exploration from a “buy” rating to a “hold” rating in a report on Monday, November 17th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Azimut Exploration presently has a consensus rating of “Hold”.

Azimut Exploration Stock Down 17.0%

The company’s fifty day simple moving average is C$0.85 and its 200 day simple moving average is C$0.76. The company has a quick ratio of 5.50, a current ratio of 3.17 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of C$78.57 million, a PE ratio of -37.14 and a beta of 1.87.

Insiders Place Their Bets

In other news, insider Jonathan Rosset acquired 35,000 shares of the stock in a transaction on Wednesday, December 31st. The stock was acquired at an average price of C$0.76 per share, with a total value of C$26,600.00. Following the completion of the transaction, the insider owned 655,000 shares of the company’s stock, valued at C$497,800. This represents a 5.65% increase in their position. 16.63% of the stock is currently owned by insiders.

About Azimut Exploration

Azimut Exploration Inc engages in the acquisition, exploration, and evaluation of mineral properties in Canada. The company explores for copper, gold, base metals, chromium, nickel, diamond, tellurium, bismuth, tungsten, tin, molybdenum, rhenium, indium, rare earth elements, uranium, zinc, silver, cobalt, and platinum group elements. Its 100% owned flagship project is the Elmer gold project located in the James Bay region. The company was incorporated in 1986 and is based in Longueuil, Canada.