Western Forest Products (TSE:WEF) Share Price Passes Below Two Hundred Day Moving Average - What's Next?

Key Points

• Western Forest Products Inc. (TSE:WEF) shares have recently traded below their two hundred day moving average of C$12.21, indicating potential bearish market conditions.
• Analysts have mixed forecasts, with Raymond James Financial setting a price target of C$10.00 and Scotiabank raising it to C$15.00, leading to a consensus target price of C$13.38.
• Insider trading activity includes a purchase of 7,400 shares at C$12.20 each by Kernwood Limited, which represents a 0.45% increase in their position.

Western Forest Products Inc. (TSE:WEF - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$12.21 and traded as low as C$12.21. Western Forest Products shares last traded at C$12.22, with a volume of 22,113 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WEF shares. Raymond James Financial upped their price objective on shares of Western Forest Products to C$10.00 in a research note on Friday, August 8th. Scotiabank boosted their price target on shares of Western Forest Products to C$15.00 in a report on Friday, August 1st. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of C$13.38.

Western Forest Products Stock Down 1.1%

The business has a fifty day moving average price of C$12.49 and a two-hundred day moving average price of C$12.21. The company has a current ratio of 3.04, a quick ratio of 0.73 and a debt-to-equity ratio of 19.61. The company has a market cap of C$129.02 million, a price-to-earnings ratio of -5.45, a P/E/G ratio of 0.32 and a beta of 0.65.

Insider Buying and Selling

In related news, insider Kernwood Limited purchased 7,400 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average cost of C$12.20 per share, with a total value of C$90,280.00. Following the completion of the purchase, the insider owned 1,653,500 shares of the company's stock, valued at C$20,172,700. The trade was a 0.45% increase in their position. Also, Director Elizabeth Kernaghan acquired 7,400 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The shares were purchased at an average price of C$12.20 per share, with a total value of C$90,280.00. Following the completion of the acquisition, the director owned 1,653,500 shares of the company's stock, valued at C$20,172,700. This represents a 0.45% increase in their position. In the last quarter, insiders acquired 147,200 shares of company stock valued at $1,796,800. Insiders own 0.67% of the company's stock.

Western Forest Products Company Profile

Western Forest Products Inc is a Canada-based softwood forest products company. The company's principal business activities include timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value-added lumber remanufacturing. Its operating business segment comprised of Timber harvesting, Log sales, and Lumber manufacturing and sales.

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