Fortune Minerals (TSE:FT) Stock Price Down 5.6% – Here’s What Happened

Fortune Minerals Limited (TSE:FT)’s stock price dropped 5.6% on Thursday . The company traded as low as C$0.04 and last traded at C$0.04. Approximately 52,500 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 237,317 shares. The stock had previously closed at C$0.05.

Wall Street Analyst Weigh In

Separately, Fundamental Research set a C$0.35 price target on shares of Fortune Minerals and gave the company a “buy” rating in a research report on Tuesday.

Fortune Minerals Stock Down 11.1 %

The company has a debt-to-equity ratio of -111.61, a quick ratio of 0.04 and a current ratio of 0.39. The firm has a fifty day simple moving average of C$0.05 and a 200-day simple moving average of C$0.05. The firm has a market cap of C$23.21 million, a price-to-earnings ratio of -8.12 and a beta of 0.01.

About Fortune Minerals

Fortune Minerals Limited engages in the exploration and development of specialty metals, base metals, and precious metals in Canada. The company explores for gold, cobalt, bismuth, copper, silver, lead, and zinc deposits. Its primary asset is the NICO gold-cobalt-bismuth-copper project covering an area of 5,140 hectares located in the Northwest Territories.