Fortune Minerals (TSE:FT) Share Price Passes Above 200 Day Moving Average – Time to Sell?

Shares of Fortune Minerals Limited (TSE:FT) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$0.12 and traded as high as C$0.20. Fortune Minerals shares last traded at C$0.19, with a volume of 611,720 shares.

Wall Street Analyst Weigh In

Separately, Fundamental Research set a C$0.63 price target on shares of Fortune Minerals and gave the stock a “buy” rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$0.63.

Fortune Minerals Stock Up 2.6%

The business has a fifty day moving average of C$0.15 and a 200 day moving average of C$0.12. The firm has a market cap of C$128.00 million, a P/E ratio of -19.50 and a beta of -1.69. The company has a quick ratio of 0.04, a current ratio of 0.15 and a debt-to-equity ratio of -157.84.

Insider Buying and Selling

In related news, insider Patricia-Lynn Penney sold 561,000 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of C$0.16, for a total value of C$89,760.00. Following the completion of the sale, the insider owned -600,000 shares in the company, valued at approximately C($96,000). This represents a -1,438.46% decrease in their ownership of the stock. Insiders sold a total of 1,250,000 shares of company stock valued at $202,565 in the last ninety days. 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.