Blue Moon Metals (CVE:MOON) Shares Pass Above 50-Day Moving Average - Time to Sell?

Key Points

• Blue Moon Metals Inc. (CVE:MOON) shares have surpassed their 50-day moving average of C$3.24, trading at C$3.40 with a high of C$3.46.
• Analysts from Scotiabank have set a target price of C$5.00 for the stock, rating it as "outperform."
• Company insiders have recently purchased a total of 95,410 shares valued at approximately C$310,417 in the last 90 days, indicating strong internal confidence in the stock.

Shares of Blue Moon Metals Inc. (CVE:MOON - Get Free Report) passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$3.24 and traded as high as C$3.46. Blue Moon Metals shares last traded at C$3.40, with a volume of 59,300 shares trading hands.

Analysts Set New Price Targets

Separately, Scotiabank set a C$5.00 target price on Blue Moon Metals and gave the stock an "outperform" rating in a research report on Friday, July 18th.

Blue Moon Metals Stock Performance

The firm has a fifty day simple moving average of C$3.26 and a 200 day simple moving average of C$2.36. The company has a market cap of C$225.18 million, a PE ratio of -389.75 and a beta of 1.76.

Insider Activity

In related news, Director Karin Sigrid Thorburn bought 11,800 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was bought at an average price 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 stock in a transaction dated Monday, July 14th. The stock was bought at an average price of C$3.20 per share, with a total value of C$63,958.00. Insiders bought a total of 95,410 shares of company stock worth $310,417 over the last ninety days. Corporate insiders own 29.61% of the company's stock.

Blue Moon Metals Company Profile

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.