Fortuna Mining (NYSE:FSM) Stock Price Up 7.5% – Here’s Why
by Mitch Edgeman · The Markets DailyShares of Fortuna Mining Corp. (NYSE:FSM – Get Free Report) (TSE:FVI) were up 7.5% during trading on Thursday . The company traded as high as $11.26 and last traded at $11.2220. Approximately 1,992,382 shares traded hands during trading, a decline of 76% from the average daily volume of 8,249,685 shares. The stock had previously closed at $10.44.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on FSM shares. Wall Street Zen downgraded shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. Scotiabank raised their price target on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Finally, Zacks Research upgraded shares of Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $11.00.
Check Out Our Latest Research Report on FSM
Fortuna Mining Stock Up 4.6%
The company has a current ratio of 3.30, a quick ratio of 2.73 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average price is $10.38 and its 200 day moving average price is $9.01. The company has a market capitalization of $3.33 billion, a P/E ratio of 15.29 and a beta of 0.88.
Fortuna Mining (NYSE:FSM – Get Free Report) (TSE:FVI) last posted its earnings results on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $270.20 million during the quarter. Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%. As a group, equities research analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Fortuna Mining
Hedge funds and other institutional investors have recently modified their holdings of the stock. Alberta Investment Management Corp raised its stake in Fortuna Mining by 18.7% during the fourth quarter. Alberta Investment Management Corp now owns 313,600 shares of the basic materials company’s stock worth $3,073,000 after acquiring an additional 49,300 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Fortuna Mining by 330.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,761,664 shares of the basic materials company’s stock worth $17,509,000 after purchasing an additional 1,352,016 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Fortuna Mining by 6.3% during the 4th quarter. NewEdge Advisors LLC now owns 211,355 shares of the basic materials company’s stock valued at $2,073,000 after purchasing an additional 12,540 shares during the last quarter. Voloridge Investment Management LLC lifted its holdings in Fortuna Mining by 6.7% during the 4th quarter. Voloridge Investment Management LLC now owns 2,221,012 shares of the basic materials company’s stock valued at $21,788,000 after purchasing an additional 138,932 shares during the last quarter. Finally, SPWM Advisors LLC acquired a new position in Fortuna Mining in the fourth quarter valued at about $98,000. Institutional investors own 33.80% of the company’s stock.
About Fortuna Mining
Fortuna Mining Corp. engages in the precious and base metal mining in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It operates through Mansfield, Sanu, Sango, Cuzcatlan, Bateas, and Corporate segments. The company primarily explores for silver, lead, zinc, and gold. Its flagship project is the Séguéla gold mine, which consists of approximately 62,000 hectares and is located in the Worodougou Region of the Woroba District, Côte d’Ivoire. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.