Fortune Minerals (TSE:FT) Trading 11.9% Higher – Here’s Why

Fortune Minerals Limited (TSE:FT) shares traded up 11.9% during mid-day trading on Monday . The company traded as high as C$0.24 and last traded at C$0.24. 1,313,397 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 963,846 shares. The stock had previously closed at C$0.21.

Analyst Upgrades and Downgrades

Separately, Fundamental Research set a C$0.63 target price on shares of Fortune Minerals and gave the company a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$0.63.

Fortune Minerals Stock Performance

The company has a current ratio of 0.15, a quick ratio of 0.04 and a debt-to-equity ratio of -157.84. The company’s 50-day moving average price is C$0.13 and its two-hundred day moving average price is C$0.11. The company has a market cap of C$157.54 million, a P/E ratio of -24.00 and a beta of -1.69.

Insider Buying and Selling at Fortune Minerals

In other news, insider Patricia-Lynn Penney sold 561,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of C$0.16, for a total transaction of C$89,760.00. Following the completion of the transaction, the insider owned -600,000 shares in the company, valued at approximately C($96,000). This trade represents a -1,438.46% decrease in their position. In the last three months, insiders have sold 1,250,000 shares of company stock worth $202,565. Company insiders own 5.87% of the company’s stock.

Fortune Minerals Company Profile

Fortune is a Canadian mining and mineral processing company focused on developing the NICO cobalt-gold-bismuth-copper project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO deposit and is a potential future source of incremental feed to extend the life of the NICO concentrator.