Foran Mining (CVE:FOM) Stock Crosses Above 50-Day Moving Average – Time to Sell?

Shares of Foran Mining Co. (CVE:FOM) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$3.23 and traded as high as C$3.25. Foran Mining shares last traded at C$3.23, with a volume of 1,032,727 shares changing hands.

Wall Street Analyst Weigh In

FOM has been the topic of several recent research reports. Scotiabank lowered shares of Foran Mining from an “outperform” rating to a “sector perform” rating and increased their target price for the company from C$6.00 to C$6.60 in a report on Tuesday, March 24th. Stifel Nicolaus lowered shares of Foran Mining from a “buy” rating to a “hold” rating and increased their target price for the company from C$5.50 to C$6.60 in a report on Wednesday, February 11th. National Bank Financial increased their target price on shares of Foran Mining from C$5.25 to C$8.50 in a report on Thursday, January 29th. Finally, ATB Cormark Capital Markets lowered shares of Foran Mining from an “outperform” rating to a “tender” rating and increased their target price for the company from C$5.00 to C$6.60 in a report on Tuesday, February 3rd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of C$5.97.

Foran Mining Stock Performance

The company has a current ratio of 6.01, a quick ratio of 2.90 and a debt-to-equity ratio of 18.16. The company’s fifty day moving average is C$3.23 and its 200 day moving average is C$3.23. The company has a market cap of C$1.72 billion, a P/E ratio of -247.76 and a beta of 3.68.

About Foran Mining

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.