Erdene Resource Development (TSE:ERD) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• Erdene Resource Development's share price recently surpassed its 50-day moving average of C$2.20, reaching a high of C$8.50 before closing at C$8.01.
• The company has a market capitalization of C$489.12 million and a PE ratio of -44.50, indicating a challenging financial performance.
• Insider 2176423 Ontario Ltd. purchased 100,000 shares at an average cost of C$0.91, reflecting insider confidence as they own 22.51% of the stock.

Shares of Erdene Resource Development Co. (TSE:ERD - Get Free Report) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$2.20 and traded as high as C$8.50. Erdene Resource Development shares last traded at C$8.01, with a volume of 220,928 shares.

Erdene Resource Development Trading Up 0.2%

The company's fifty day moving average is C$2.48 and its 200-day moving average is C$1.44. The firm has a market capitalization of C$493.40 million, a P/E ratio of -44.89 and a beta of 0.98.

Insiders Place Their Bets

In other Erdene Resource Development news, insider 2176423 Ontario Ltd. purchased 100,000 shares of the company's stock in a transaction dated Thursday, June 26th. The stock was bought at an average cost of C$0.91 per share, for a total transaction of C$91,390.00. Insiders own 22.51% of the company's stock.

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.