Foraco International (TSE:FAR) Stock Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Foraco International SA crossed above its 200‑day moving average (C$2.60) on Friday, trading as high as C$3.20 and last at C$3.13 on volume of 115,851 shares.
• Desjardins upgraded the stock to a "buy" and raised its target from C$3.00 to C$4.50, and MarketBeat shows a consensus rating of "Buy" with a C$4.50 price target.
• Director William Warren Holmes bought 17,000 shares at about C$2.84, increasing his stake to 450,001 shares, and company insiders collectively own 35.74% of the stock.

Foraco International SA (TSE:FAR - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$2.60 and traded as high as C$3.20. Foraco International shares last traded at C$3.13, with a volume of 115,851 shares.

Analyst Ratings Changes

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

Foraco International Stock Down 0.6%

The company has a quick ratio of 0.88, a current ratio of 1.36 and a debt-to-equity ratio of 99.57. The stock has a 50 day simple moving average of C$2.90 and a 200 day simple moving average of C$2.60. The stock has a market cap of C$306.86 million, a price-to-earnings ratio of 20.06 and a beta of 1.10.

Foraco International (TSE:FAR - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported C$0.01 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$92.11 million during the quarter. As a group, analysts expect that Foraco International SA will post 0.5984655 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director William Warren Holmes acquired 17,000 shares of Foraco International stock in a transaction on Monday, March 16th. The stock was purchased at an average price of C$2.84 per share, with a total value of C$48,280.00. Following the completion of the purchase, the director owned 450,001 shares of the company's stock, valued at approximately C$1,278,002.84. The trade was a 3.93% increase in their position. Company insiders own 35.74% of the company's stock.

Foraco International Company Profile

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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