Erdene Resource Development (TSE:ERD) Stock Passes Above 50-Day Moving Average - What's Next?

Key Points

• Erdene Resource Development's stock has surpassed its 50-day moving average, trading at C$7.17, with the highest price reaching C$7.42.
• The company boasts a market capitalization of C$437.79 million and insider ownership stands at 22.51% following a significant share purchase by an insider.
• Erdene Resources is primarily focused on the exploration and development of precious metals and mineral deposits in Mongolia, including key projects like Bayan Khundii and Altan Nar.

Erdene Resource Development Co. (TSE:ERD - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$1.39 and traded as high as C$7.42. Erdene Resource Development shares last traded at C$7.17, with a volume of 73,841 shares.

Erdene Resource Development Stock Performance

The firm has a market capitalization of C$473.25 million, a price-to-earnings ratio of -43.06 and a beta of 0.98. The company has a fifty day moving average of C$1.78 and a two-hundred day moving average of C$1.19.

Insiders Place Their Bets

In other news, insider 2176423 Ontario Ltd. purchased 100,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was acquired at an average cost of C$0.91 per share, with a total value 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.