Fortuna Mining (NYSE:FSM) Stock Price Down 8.6% – Here’s What Happened

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) shares dropped 8.6% on Thursday . The company traded as low as $8.62 and last traded at $8.8150. Approximately 4,220,465 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 7,932,543 shares. The stock had previously closed at $9.64.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. Scotiabank raised their target price on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, January 26th. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Zacks Research upgraded shares of Fortuna Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, National Bank Financial upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $11.00.

Fortuna Mining Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 2.98 and a quick ratio of 2.50. The stock has a 50-day simple moving average of $11.13 and a 200 day simple moving average of $9.68. The company has a market capitalization of $2.62 billion, a PE ratio of 9.55 and a beta of 0.82.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its earnings results on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. The business had revenue of $270.20 million during the quarter. Equities analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new position in Fortuna Mining during the 4th quarter valued at approximately $29,000. Advisory Services Network LLC bought a new stake in Fortuna Mining in the third quarter valued at $27,000. Geneos Wealth Management Inc. lifted its stake in Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after buying an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. grew its position in shares of Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 3,006 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors.

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.