Blue Moon Metals (CVE:MOON) Share Price Passes Below 50-Day Moving Average - Time to Sell?

Key Points

• Blue Moon Metals Inc. shares have fallen below their 50-day moving average of C$3.43, trading as low as C$3.20, and currently stand at C$3.30.
• Scotiabank has set a price target of C$5.00 for Blue Moon Metals, maintaining an "outperform" rating, while the stock holds an average rating of "Buy".
• Insiders have recently purchased a total of 49,310 shares valued at C$164,660, indicating confidence from corporate directors in the company's prospects.

Blue Moon Metals Inc. (CVE:MOON - Get Free Report) crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$3.43 and traded as low as C$3.20. Blue Moon Metals shares last traded at C$3.30, with a volume of 409,520 shares trading hands.

Wall Street Analyst Weigh In

Separately, Scotiabank set a C$5.00 price target on shares of Blue Moon Metals and gave the company an "outperform" rating in a research report on Friday, July 18th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of C$5.00.

Blue Moon Metals Stock Performance

The company has a market capitalization of C$180.26 million, a PE ratio of -11.79 and a beta of 1.84. The business's 50-day moving average is C$3.43 and its 200-day moving average is C$3.23.

Insider Activity

In other news, Director Karin Sigrid Thorburn bought 11,800 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was acquired at an average cost of C$3.39 per share, with a total value of C$40,002.00. Also, Director Christian Peter Kargl-Simard bought 20,000 shares of the firm's stock in a transaction on Monday, July 14th. The stock was purchased at an average cost of C$3.20 per share, with a total value of C$63,958.00. Insiders acquired 49,310 shares of company stock valued at $164,660 over the last ninety days. Corporate insiders own 29.61% of the company's stock.

About Blue Moon Metals

Blue Moon Metals Inc, an exploration stage company, engages in the exploration and development of mineral resource properties in Canada and the United States. The company primarily explores for zinc, copper, silver, and gold deposits. It primarily holds 100% interests in the Blue Moon zinc property that comprises patented and unpatented lode mineral claims totaling 445 acres in Mariposa County, California; and Yava base metals property, which includes two mineral leases totaling 1,280 hectares located in Nunavut.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.