Fortune Minerals (TSE:FT) Trading 6.7% Higher – Should You Buy?

Fortune Minerals Limited (TSE:FT)’s stock price was up 6.7% during trading on Monday . The stock traded as high as C$0.18 and last traded at C$0.16. Approximately 2,501,728 shares traded hands during mid-day trading, an increase of 171% from the average daily volume of 922,119 shares. The stock had previously closed at C$0.15.

Analyst Upgrades and Downgrades

Separately, Fundamental Research set a C$0.63 price target on Fortune Minerals and gave the stock a “buy” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of C$0.63.

Fortune Minerals Stock Up 8.3%

The firm’s 50-day moving average price is C$0.17 and its two-hundred day moving average price is C$0.13. The company has a debt-to-equity ratio of -157.84, a quick ratio of 0.04 and a current ratio of 0.15. The firm has a market cap of C$106.67 million, a PE ratio of -16.25 and a beta of -1.76.

Insiders Place Their Bets

In other Fortune Minerals news, insider Patricia-Lynn Penney sold 561,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of C$0.16, for a total value of C$89,760.00. Following the completion of the transaction, the insider owned -600,000 shares in the company, valued at C($96,000). This represents a -1,438.46% decrease in their ownership of the stock. Insiders have sold 1,250,000 shares of company stock valued at $202,565 over the last three months. 5.87% of the stock is owned by insiders.

About Fortune Minerals

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.