Foraco International (TSE:FAR) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Foraco International SA (TSE:FAR)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$2.65 and traded as high as C$3.11. Foraco International shares last traded at C$3.10, with a volume of 1,090,179 shares.

Wall Street Analysts Forecast Growth

Separately, Desjardins upped their price objective on Foraco International from C$3.00 to C$4.50 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of C$4.50.

Foraco International Stock Up 5.2%

The company has a debt-to-equity ratio of 107.63, a current ratio of 1.24 and a quick ratio of 0.88. The company has a market cap of C$316.66 million, a price-to-earnings ratio of 21.96 and a beta of 1.09. The firm’s 50 day simple moving average is C$2.86 and its 200-day simple moving average is C$2.66.

Foraco International (TSE:FAR) last released its quarterly earnings data on Thursday, April 30th. The company reported C$0.01 earnings per share (EPS) for the quarter. Foraco International had a net margin of 5.43% and a return on equity of 15.14%. The company had revenue of C$92.11 million during the quarter. As a group, sell-side analysts anticipate that Foraco International SA will post 0.5984655 earnings per share for the current year.

Insiders Place Their Bets

In other Foraco International news, Director William Warren Holmes purchased 17,000 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was purchased at an average price of C$2.84 per share, for a total transaction of C$48,280.00. Following the purchase, the director directly owned 450,001 shares in the company, valued at approximately C$1,278,002.84. This trade represents a 3.93% increase in their ownership of the stock. 35.74% of the stock is currently owned by corporate insiders.

Foraco International Company Profile

Foraco International SA is the business of providing mineral and water drilling services and hydraulic drilling. It specializes in drilling in harsh environments and isolated locations including desert, and mountainous regions. The principal sources of revenue consist of drilling contracts for companies involved in mining and water exploration. The group has its operations in Europe, the Middle East and Africa, North America, South America and the Asia Pacific.