Erdene Resource Development (TSE:ERD) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Erdene Resource Development Co. (TSE:ERD) shares passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$0.53 and traded as low as C$0.53. Erdene Resource Development shares last traded at C$0.54, with a volume of 47,000 shares.

Erdene Resource Development Stock Up 1.9 %

The business’s fifty day moving average price is C$0.62 and its two-hundred day moving average price is C$0.53. The company has a current ratio of 8.64, a quick ratio of 4.27 and a debt-to-equity ratio of 0.01. The firm has a market cap of C$188.26 million, a P/E ratio of -27.00 and a beta of 1.63.

Insider Activity

In other news, insider 2176423 Ontario Ltd. purchased 234,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were purchased at an average cost of C$0.67 per share, for a total transaction of C$157,271.40. 22.51% of the stock is currently owned by insiders.

About Erdene Resource Development

Erdene Resource Development Corporation focuses on the exploration and development of precious and base metal deposits in Mongolia. The company explores for copper, molybdenum, gold, silver, lead, and zinc deposits. The company was formerly known as Erdene Gold Inc and changed its name to Erdene Resource Development Corporation in May 2008.