First Quantum Minerals (TSE:FM) Share Price Breaks Below 200 Day Moving Average – What’s Next?

First Quantum Minerals Ltd. (TSE:FM) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$39.91 and traded as low as C$37.58. First Quantum Minerals shares last traded at C$37.88, with a volume of 2,652,410 shares.

Wall Street Analysts Forecast Growth

FM has been the subject of a number of research reports. Royal Bank Of Canada lifted their price target on shares of First Quantum Minerals from C$45.00 to C$52.00 in a research report on Wednesday, September 16th. National Bank Financial set a C$50.00 price target on First Quantum Minerals and gave the stock an “outperform” rating in a report on Monday, September 21st. Morgan Stanley dropped their price objective on First Quantum Minerals from C$46.30 to C$45.20 in a research note on Wednesday, July 8th. Raymond James Financial lifted their price objective on First Quantum Minerals from C$45.00 to C$47.00 and gave the stock a “market perform” rating in a report on Friday, September 4th. Finally, TD Securities upgraded First Quantum Minerals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, First Quantum Minerals has a consensus rating of “Moderate Buy” and a consensus target price of C$46.78.

First Quantum Minerals Trading Up 3.2%

The company has a market cap of C$32.61 billion, a price-to-earnings ratio of -434.33, a PEG ratio of -1.28 and a beta of 1.47. The company has a debt-to-equity ratio of 54.66, a current ratio of 1.90 and a quick ratio of 1.41. The business’s 50-day simple moving average is C$43.72 and its 200-day simple moving average is C$39.90.

First Quantum Minerals (TSE:FM) last issued its quarterly earnings data on Tuesday, July 28th. The company reported C($0.19) earnings per share for the quarter. First Quantum Minerals had a negative return on equity of 0.73% and a negative net margin of 1.44%. The business had revenue of C$2.16 billion for the quarter. Research analysts predict that First Quantum Minerals Ltd. will post 0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robert Richard Cayton Stone sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of C$46.63, for a total value of C$932,600.00. Following the completion of the transaction, the insider directly owned 69,196 shares of the company’s stock, valued at C$3,226,609.48. The trade was a 22.42% decrease in their ownership of the stock. Insiders own 19.35% of the company’s stock.

About First Quantum Minerals

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.