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

Shares of Fortune Minerals Limited (TSE:FT) traded up 11.9% on Monday . The company traded as high as C$0.24 and last traded at C$0.24. 1,313,397 shares traded 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.

Wall Street Analysts Forecast Growth

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

Fortune Minerals Stock Up 14.3%

The stock’s 50-day moving average is C$0.13 and its 200-day moving average is C$0.11. The stock has a market cap of C$157.54 million, a P/E ratio of -24.00 and a beta of -1.69. The company has a current ratio of 0.15, a quick ratio of 0.04 and a debt-to-equity ratio of -157.84.

Insider Transactions at Fortune Minerals

In related news, insider Patricia-Lynn Penney sold 561,000 shares of the stock in a transaction dated 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 position. In the last three months, insiders have sold 1,250,000 shares of company stock valued at $202,565. Corporate 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.