Erdene Resource Development (TSE:ERD) Share Price Passes Above 50-Day Moving Average - Here's Why

Key Points

• Erdene Resource Development's stock price has surpassed its fifty-day moving average of C$0.95, reaching a high of C$0.98 during recent trading, with a total volume of 127,220 shares.
• Insider activity is notable, with 600,000 shares purchased by corporate insiders in the last ninety days, including a recent transaction by 2176423 Ontario Ltd. for C$91,390.
• The company, focused on precious metals and mineral deposits in Mongolia, has a market cap of C$350.26 million and a price-to-earnings ratio of -389.18.

Erdene Resource Development Co. (TSE:ERD - Get Free Report)'s share price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$0.95 and traded as high as C$0.98. Erdene Resource Development shares last traded at C$0.98, with a volume of 127,220 shares changing hands.

Erdene Resource Development Trading Down 1.1%

The firm has a market cap of C$332.39 million, a price-to-earnings ratio of -369.33 and a beta of 1.63. The business's 50-day simple moving average is C$0.95 and its two-hundred day simple moving average is C$0.84.

Insiders Place Their Bets

In other news, insider 2176423 Ontario Ltd. bought 100,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was bought at an average price of C$0.91 per share, for a total transaction of C$91,390.00. 22.51% of the stock is owned by 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.