Fortune Minerals (TSE:FT) Trading 2.8% Higher – Should You Buy?

Shares of Fortune Minerals Limited (TSE:FT) shot up 2.8% on Tuesday . The stock traded as high as C$0.20 and last traded at C$0.19. 274,255 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 936,729 shares. The stock had previously closed at C$0.18.

Fortune Minerals Price Performance

The stock has a market cap of C$112.45 million, a P/E ratio of -18.50 and a beta of -1.69. The company has a debt-to-equity ratio of -177.44, a quick ratio of 0.04 and a current ratio of 0.20. The business has a 50 day simple moving average of C$0.13 and a 200-day simple moving average of C$0.11.

Insiders Place Their Bets

In other news, insider Patricia-Lynn Penney sold 561,000 shares of the stock in a transaction that occurred on 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 directly owned -600,000 shares of the company’s stock, valued at C($96,000). This represents a -1,438.46% decrease in their position. Insiders have sold 1,250,000 shares of company stock valued at $202,565 in the last 90 days. 5.87% of the stock is owned by insiders.

About Fortune Minerals

Fortune Minerals Ltd is a Canadian mining and mine development company focused on developing the NICO Cobalt-Gold-Bismuth Copper Project in the Northwest Territories. The company plans to build a hydrometallurgical plant in southern Canada to process NICO metal concentrates. It also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life.