Independence Group (ASX:IGO) Shares Pass Above 50-Day Moving Average After Insider Selling

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Independence Group NL (ASX:IGO)’s share price passed above its 50-day moving average during trading on Friday after an insider bought additional shares in the company. The stock has a 50-day moving average of $5.34 and traded as high as $6.50. Independence Group shares last traded at $6.49, with a volume of 3,655,901 shares traded.

Specifically, insider Peter Bradford sold 214,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of A$6.44 ($4.57), for a total transaction of A$1,378,374.00 ($977,570.21).

The company has a debt-to-equity ratio of 4.58, a quick ratio of 3.79 and a current ratio of 4.44. The firm has a market cap of $3.83 billion and a PE ratio of 50.70. The stock has a fifty day moving average price of A$5.37 and a 200-day moving average price of A$4.89.

About Independence Group (ASX:IGO)

Independence Group NL operates as a diversified mining and exploration company in Australia. It operates through Nova Project, Tropicana Operation, Long Operation, and New Business and Regional Exploration Activities segments. The company owns 100% interest in the Nova project, which produces nickel, copper, and cobalt concentrates located to the east-northeast of Norseman; and Long nickel project comprising 1,257 square kilometers of tenements located near Kambalda, Western Australia.

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