Foran Mining (CVE:FOM) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

Foran Mining Co. (CVE:FOM)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$3.23 and traded as low as C$3.09. Foran Mining shares last traded at C$3.23, with a volume of 1,032,727 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FOM shares. ATB Cormark Capital Markets lowered shares of Foran Mining from an “outperform” rating to a “tender” rating and raised their target price for the company from C$5.00 to C$6.60 in a research report on Tuesday, February 3rd. Scotiabank lowered shares of Foran Mining from an “outperform” rating to a “sector perform” rating and raised their target price for the company from C$6.00 to C$6.60 in a research report on Tuesday, March 24th. Stifel Nicolaus lowered shares of Foran Mining from a “buy” rating to a “hold” rating and lifted their price target for the stock from C$5.50 to C$6.60 in a report on Wednesday, February 11th. Finally, National Bank Financial lifted their price target on shares of Foran Mining from C$5.25 to C$8.50 in a report on Thursday, January 29th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Foran Mining presently has an average rating of “Hold” and an average target price of C$5.97.

Foran Mining Trading Up 3.9%

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

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.