Fortuna Mining (NYSE:FSM) Trading 11.2% Higher – Here’s Why

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price was up 11.2% during trading on Thursday . The stock traded as high as $10.87 and last traded at $10.9460. Approximately 2,297,212 shares traded hands during trading, a decline of 69% from the average daily volume of 7,407,264 shares. The stock had previously closed at $9.84.

Analyst Ratings Changes

Several equities analysts have recently commented on FSM shares. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. Wall Street Zen lowered Fortuna Mining from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Zacks Research lowered Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Scotiabank raised their price target on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Fortuna Mining presently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Fortuna Mining Price Performance

The firm has a 50 day simple moving average of $10.61 and a 200-day simple moving average of $10.03. The company has a quick ratio of 2.50, a current ratio of 2.98 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.18 billion, a PE ratio of 11.60 and a beta of 0.94.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.02). Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. As a group, research analysts predict that Fortuna Mining Corp. will post 1.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp grew its stake in Fortuna Mining by 43.5% in the third quarter. Van ECK Associates Corp now owns 29,280,727 shares of the basic materials company’s stock valued at $262,354,000 after purchasing an additional 8,878,857 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Fortuna Mining by 3.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 20,216,810 shares of the basic materials company’s stock valued at $198,176,000 after purchasing an additional 686,762 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Fortuna Mining by 38.1% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock valued at $122,747,000 after purchasing an additional 3,779,920 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Fortuna Mining by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 10,634,157 shares of the basic materials company’s stock valued at $105,576,000 after purchasing an additional 567,558 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in Fortuna Mining by 31.4% in the third quarter. Tidal Investments LLC now owns 8,947,480 shares of the basic materials company’s stock worth $80,169,000 after acquiring an additional 2,138,143 shares in the last quarter. Hedge funds and other 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.