Fortuna Mining (NYSE:FSM) Shares Down 8.5% – Here’s Why

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) shares were down 8.5% on Friday . The stock traded as low as $8.66 and last traded at $8.70. Approximately 6,703,583 shares traded hands during trading, a decline of 58% from the average daily volume of 15,973,549 shares. The stock had previously closed at $9.51.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FSM shares. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research report on Tuesday, October 14th. National Bankshares restated a “sector perform” rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. CIBC upped their price target on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an “underperformer” rating in a research report on Tuesday, July 15th. Zacks Research downgraded shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Finally, Scotiabank increased their price objective on shares of Fortuna Mining from $8.00 to $8.50 and gave the company a “sector perform” rating in a report on Thursday. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortuna Mining has an average rating of “Hold” and a consensus price target of $8.25.

Fortuna Mining Stock Performance

The company has a market cap of $2.68 billion, a price-to-earnings ratio of 17.44 and a beta of 0.84. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $8.13 and its 200 day simple moving average is $6.95.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). The business had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. As a group, analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Trading of Fortuna Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in FSM. Nuveen LLC acquired a new stake in shares of Fortuna Mining during the 1st quarter worth approximately $17,032,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Fortuna Mining by 123.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company’s stock worth $29,553,000 after buying an additional 2,688,900 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Fortuna Mining during the 1st quarter worth approximately $14,076,000. Acadian Asset Management LLC increased its holdings 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 buying an additional 2,171,847 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Fortuna Mining by 424.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 2,083,146 shares of the basic materials company’s stock worth $12,706,000 after purchasing an additional 1,685,634 shares during the period. Institutional investors and hedge funds 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.