Erdene Resource Development (TSE:ERD) Share Price Passes Below 50 Day Moving Average - Should You Sell?

Key Points

• Erdene Resource Development's share price dropped below its 50-day moving average of C$0.95, trading as low as C$0.92.
• Corporate insiders have recently purchased a total of 600,000 shares for approximately C$541,820, indicating some confidence in the stock despite its recent performance.
• The company, focused on resource exploration in Mongolia, has a market cap of C$343.11 million and a negative P/E ratio of -381.24.

Erdene Resource Development Co. (TSE:ERD - Get Free Report) shares passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$0.95 and traded as low as C$0.92. Erdene Resource Development shares last traded at C$0.96, with a volume of 102,571 shares.

Erdene Resource Development Trading Up 7.8%

The stock has a market cap of C$346.68 million, a price-to-earnings ratio of -385.21 and a beta of 1.63. The company has a fifty day simple moving average of C$0.96 and a 200-day simple moving average of C$0.83.

Insider Activity at Erdene Resource Development

In other Erdene Resource Development news, insider 2176423 Ontario Ltd. acquired 100,000 shares of Erdene Resource Development stock in a transaction that occurred on Thursday, June 26th. The stock was purchased at an average cost of C$0.91 per share, with a total value of C$91,390.00. In the last three months, insiders have purchased 600,000 shares of company stock valued at $541,820. 22.51% of the stock is currently owned by corporate insiders.

About Erdene Resource Development

Erdene Resource Development Corp is a Canadian-based resource exploration company. It is primarily engaged in the exploration and development of precious metals and mineral deposits in Mongolia. The company's project consists of Bayan Khundii, Altan Nar, Zuun Mod, and Khuvyn Khar. The Bayan Khundii and Altan Nar project is located within the Tian-Shan copper-gold belt in southwest Mongolia from the Chinese border city of Ceke.