Shares of Fortuna Silver Mines Inc. (NYSE:FSM) dropped 2.9% during mid-day trading on Friday . The stock traded as low as $8.68 and last traded at $8.80, with a volume of 892,595 shares trading hands. The stock had previously closed at $9.06.

FSM has been the subject of several analyst reports. Zacks Investment Research upgraded Fortuna Silver Mines from a “hold” rating to a “buy” rating and set a $7.25 target price for the company in a report on Tuesday, May 10th. TheStreet upgraded Fortuna Silver Mines from a “sell” rating to a “hold” rating in a report on Friday, April 15th. Scotiabank restated a “sector perform” rating and issued a $6.25 target price (up from $5.60) on shares of Fortuna Silver Mines in a report on Tuesday, June 14th. Finally, BMO Capital Markets cut Fortuna Silver Mines from an “outperform” rating to a “market perform” rating in a report on Thursday, May 12th. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $7.08.

The firm has a 50-day moving average price of $7.88 and a 200-day moving average price of $5.39. The firm’s market capitalization is $1.15 billion.

A number of institutional investors have recently modified their holdings of FSM. Russell Frank Co purchased a new position in shares of Fortuna Silver Mines during the fourth quarter valued at about $1,030,000. OppenheimerFunds Inc. boosted its position in shares of Fortuna Silver Mines by 32.9% in the fourth quarter. OppenheimerFunds Inc. now owns 930,000 shares of the company’s stock valued at $2,090,000 after buying an additional 230,000 shares in the last quarter. Finally, Central Square Management LLC boosted its position in shares of Fortuna Silver Mines by 19.0% in the fourth quarter. Central Square Management LLC now owns 1,002,249 shares of the company’s stock valued at $2,255,000 after buying an additional 160,328 shares in the last quarter.

Fortuna Silver Mines Inc is a Canada-based mining company engaged in silver mining and related activities in Latin America, including exploration, extraction and processing. The Company operates the Caylloma silver, lead, and zinc mine (Caylloma) in southern Peru and the San Jose silver and gold mine (San Jose) in southern Mexico.

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