Fortuna Silver Mines Inc (NYSE:FSM) Short Interest Up 19.5% in November

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Fortuna Silver Mines Inc (NYSE:FSM) (TSE:FVI) was the target of a significant increase in short interest in the month of November. As of November 29th, there was short interest totalling 7,550,000 shares, an increase of 19.5% from the November 14th total of 6,320,000 shares. Based on an average daily volume of 2,190,000 shares, the days-to-cover ratio is currently 3.4 days. Currently, 4.8% of the shares of the stock are short sold.

Institutional investors and hedge funds have recently made changes to their positions in the company. Morgan Stanley increased its stake in Fortuna Silver Mines by 86.3% in the 2nd quarter. Morgan Stanley now owns 5,960,860 shares of the basic materials company’s stock worth $16,988,000 after buying an additional 2,761,876 shares during the period. Renaissance Technologies LLC increased its stake in Fortuna Silver Mines by 29.9% in the 2nd quarter. Renaissance Technologies LLC now owns 8,748,331 shares of the basic materials company’s stock worth $24,933,000 after buying an additional 2,015,500 shares during the period. Millennium Management LLC increased its stake in Fortuna Silver Mines by 315.0% in the 3rd quarter. Millennium Management LLC now owns 2,584,454 shares of the basic materials company’s stock worth $7,985,000 after buying an additional 1,961,754 shares during the period. JPMorgan Chase & Co. increased its stake in Fortuna Silver Mines by 2,524.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,403,156 shares of the basic materials company’s stock worth $4,055,000 after buying an additional 1,349,685 shares during the period. Finally, Sprott Inc. increased its stake in Fortuna Silver Mines by 57.0% in the 2nd quarter. Sprott Inc. now owns 2,624,164 shares of the basic materials company’s stock worth $9,464,000 after buying an additional 953,126 shares during the period. 35.78% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have weighed in on FSM. ValuEngine lowered shares of Fortuna Silver Mines from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Zacks Investment Research upgraded shares of Fortuna Silver Mines from a “hold” rating to a “buy” rating and set a $3.50 target price for the company in a research report on Wednesday, October 23rd. Scotiabank upgraded shares of Fortuna Silver Mines from a “sector perform” rating to a “sector outperform” rating and set a $5.00 target price for the company in a research report on Tuesday, September 10th. Finally, Canaccord Genuity upgraded shares of Fortuna Silver Mines from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Fortuna Silver Mines has a consensus rating of “Buy” and an average price target of $4.67.

Shares of FSM traded up $0.05 during midday trading on Thursday, hitting $3.51. The stock had a trading volume of 2,087,333 shares, compared to its average volume of 1,814,913. Fortuna Silver Mines has a 1 year low of $2.39 and a 1 year high of $4.59. The firm has a market cap of $552.20 million, a PE ratio of 14.63 and a beta of 0.26. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.57 and a quick ratio of 1.38. The stock’s 50 day moving average is $3.16 and its 200 day moving average is $3.28.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last announced its earnings results on Thursday, November 14th. The basic materials company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. Fortuna Silver Mines had a net margin of 2.81% and a return on equity of 3.60%. The business had revenue of $61.30 million for the quarter, compared to the consensus estimate of $63.00 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities research analysts expect that Fortuna Silver Mines will post 0.18 earnings per share for the current fiscal year.

Fortuna Silver Mines Company Profile

Fortuna Silver Mines Inc engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The company explores for silver, gold, lead, and zinc deposits. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver-gold mine located in southern Mexico; and the Lindero gold project located in Argentina.

See Also: Average Daily Trade Volume – ADTV

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