Fortuna Mining (NYSE:FSM) Shares Gap Up – Should You Buy?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $10.45, but opened at $11.14. Fortuna Mining shares last traded at $11.5190, with a volume of 1,117,632 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FSM. Scotiabank restated an “outperform” rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Weiss Ratings lowered Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Wall Street Zen downgraded Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Finally, Zacks Research upgraded shares of Fortuna Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Fortuna Mining Stock Up 11.9%

The company has a quick ratio of 2.50, a current ratio of 3.00 and a debt-to-equity ratio of 0.11. The company has a 50-day simple moving average of $8.98 and a two-hundred day simple moving average of $9.92. The stock has a market cap of $3.46 billion, a P/E ratio of 9.93 and a beta of 1.01.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its earnings results on Wednesday, August 5th. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%.The firm had revenue of $318.41 million during the quarter, compared to the consensus estimate of $325.00 million. On average, equities analysts forecast that Fortuna Mining Corp. will post 1.32 EPS for the current year.

Hedge Funds Weigh In On Fortuna Mining

A number of hedge funds have recently modified their holdings of FSM. Geneos Wealth Management Inc. boosted its holdings in shares of Fortuna Mining by 100.0% during the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 2,000 shares during the period. Advisory Services Network LLC bought a new position in Fortuna Mining during the 3rd quarter valued at approximately $27,000. IFP Advisors Inc purchased a new stake in Fortuna Mining in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC lifted its holdings in Fortuna Mining by 126.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock worth $31,000 after buying an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. grew its position in shares of Fortuna Mining by 96.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after buying an additional 3,006 shares during 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.