Foraco International (TSE:FAR) Stock Passes Above 200-Day Moving Average - What's Next?

Key Points

• Foraco International stock crossed above its 200-day moving average (C$2.48) on Thursday, trading as high as C$2.60 and last at C$2.53 on volume of 46,550 shares.
• Analyst Desjardins upgraded the stock to a Buy and raised its target price from C$3.00 to C$4.50, contributing to a consensus Buy rating with a C$4.50 target.
• Director William Warren Holmes purchased 17,000 shares at C$2.84—bringing his holdings to 450,001 shares—and corporate insiders now own 35.74% of the company.

Foraco International SA (TSE:FAR - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$2.48 and traded as high as C$2.60. Foraco International shares last traded at C$2.53, with a volume of 46,550 shares traded.

Wall Street Analyst Weigh In

Separately, Desjardins raised their target price on shares of Foraco International from C$3.00 to C$4.50 and gave the company a "buy" rating in a research note on Tuesday, February 24th. One analyst has rated the stock with a Buy rating, According to MarketBeat, Foraco International currently has a consensus rating of "Buy" and a consensus target price of C$4.50.

Foraco International Trading Down 3.1%

The firm has a market cap of C$248.57 million, a P/E ratio of 16.22 and a beta of 0.72. The company has a debt-to-equity ratio of 99.57, a current ratio of 1.36 and a quick ratio of 0.88. The stock has a 50 day moving average of C$2.92 and a 200 day moving average of C$2.48.

Foraco International (TSE:FAR - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported C$0.03 earnings per share (EPS) for the quarter. Foraco International had a return on equity of 16.77% and a net margin of 6.02%.The firm had revenue of C$86.61 million during the quarter. As a group, equities research analysts predict that Foraco International SA will post 0.5984655 EPS for the current year.

Insider Buying and Selling at Foraco International

In other news, Director William Warren Holmes bought 17,000 shares of the company's stock in a transaction that occurred on Monday, March 16th. The stock was bought at an average price of C$2.84 per share, for a total transaction of C$48,280.00. Following the transaction, the director directly owned 450,001 shares of the company's stock, valued at C$1,278,002.84. This represents a 3.93% increase in their position. Corporate insiders own 35.74% of the company's stock.

About Foraco International

Foraco International SA is the business of providing mineral and water drilling services and hydraulic drilling. It specializes in drilling in harsh environments and isolated locations including desert, and mountainous regions. The principal sources of revenue consist of drilling contracts for companies involved in mining and water exploration. The group has its operations in Europe, the Middle East and Africa, North America, South America and the Asia Pacific.

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