Erdene Resource Development (TSE:ERD) Shares Pass Above 50 Day Moving Average - Here's Why

Key Points

• Erdene Resource Development Co. (TSE:ERD) has crossed above its 50 day moving average of C$0.94, with the stock trading as high as C$0.96 during recent sessions.
• The company has a market capitalization of C$335.96 million and a notably high P/E ratio of -373.30.
• Insider 2176423 Ontario Ltd. purchased 100,000 shares at an average price of C$0.91, indicating strong insider confidence in the stock.

Erdene Resource Development Co. (TSE:ERD - Get Free Report) shares crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$0.94 and traded as high as C$0.96. Erdene Resource Development shares last traded at C$0.94, with a volume of 331,421 shares.

Erdene Resource Development Stock Up 3.2%

The firm 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's 50-day moving average price is C$0.94 and its 200-day moving average price is C$0.86.

Insider Transactions at Erdene Resource Development

In other Erdene Resource Development news, insider 2176423 Ontario Ltd. bought 100,000 shares of Erdene Resource Development stock in a transaction on Thursday, June 26th. The shares were bought at an average cost of C$0.91 per share, for a total transaction of C$91,390.00. 22.51% of the stock is currently owned by company insiders.

Erdene Resource Development Company Profile

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.