Fortuna Mining (NYSE:FSM) Sets New 52-Week High – What’s Next?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s stock price reached a new 52-week high on Monday . The company traded as high as $10.72 and last traded at $10.6740, with a volume of 1027767 shares changing hands. The stock had previously closed at $10.26.

Analyst Ratings Changes

A number of research firms have commented on FSM. National Bankshares raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Scotiabank upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $10.50 to $11.00 in a research note on Monday, November 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Fortuna Mining from a “hold” rating to a “buy” rating in a report on Tuesday, December 23rd. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.50.

Fortuna Mining Stock Performance

The firm has a fifty day simple moving average of $9.32 and a 200 day simple moving average of $8.22. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 14.76 and a beta of 0.89. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.30 and a quick ratio of 2.73.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings data on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). The company had revenue of $246.75 million for the quarter, compared to the consensus estimate of $242.19 million. Fortuna Mining had a return on equity of 12.42% and a net margin of 21.48%. On average, sell-side analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

A number of institutional investors and hedge funds have recently bought and sold shares of FSM. Kiker Wealth Management LLC lifted its holdings in shares of Fortuna Mining by 4,200.3% during the 2nd quarter. Kiker Wealth Management LLC now owns 30,102 shares of the basic materials company’s stock valued at $197,000 after buying an additional 29,402 shares during the period. Sheets Smith Investment Management purchased a new stake in Fortuna Mining during the third quarter valued at approximately $1,488,000. Acadian Asset Management LLC boosted its stake in shares of Fortuna Mining by 44.8% during the 2nd quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company’s stock worth $45,815,000 after purchasing an additional 2,171,847 shares during the period. American Century Companies Inc. lifted its position in shares of Fortuna Mining by 7.3% during the second quarter. American Century Companies Inc. now owns 6,363,058 shares of the basic materials company’s stock worth $41,631,000 after purchasing an additional 434,295 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Fortuna Mining during the 2nd quarter worth $1,721,000. Institutional investors and hedge funds own 33.80% of the company’s stock.

Fortuna Mining Company Profile

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.