Erdene Resource Development (TSE:ERD) Share Price Passes Below 200 Day Moving Average – Here’s Why

Erdene Resource Development Co. (TSE:ERD)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$8.15 and traded as low as C$6.30. Erdene Resource Development shares last traded at C$6.42, with a volume of 67,293 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Paradigm Capital raised their target price on Erdene Resource Development from C$11.00 to C$14.40 and gave the company a “speculative buy” rating in a report on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$14.40.

Erdene Resource Development Stock Performance

The stock’s fifty day simple moving average is C$7.65 and its 200-day simple moving average is C$8.14. The company has a quick ratio of 4.27, a current ratio of 3.54 and a debt-to-equity ratio of 0.16. The company has a market capitalization of C$411.87 million, a PE ratio of -48.85 and a beta of 1.53.

Erdene Resource Development (TSE:ERD) last released its quarterly earnings results on Tuesday, March 24th. The company reported C($0.06) earnings per share for the quarter.

Erdene Resource Development Company Profile

Erdene Resource Development Corp is a Canadian-based resource exploration company. It is primarily engaged in the exploration and development of precious metals and mineral deposits in Mongolia. The company’s project consists of Bayan Khundii, Altan Nar, Zuun Mod, and Khuvyn Khar. The Bayan Khundii and Altan Nar project is located within the Tian-Shan copper-gold belt in southwest Mongolia from the Chinese border city of Ceke. The Zuun Mod project is located within 200 kilometres of China’s border in Mongolia’s Bayankhongor Province.