Shares of Fortuna Silver Mines Inc. (NYSE:FSM) dropped 2.9% on Wednesday . The company traded as low as $9.01 and last traded at $9.08, with a volume of 777,160 shares. The stock had previously closed at $9.35.

FSM has been the subject of a number of 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. Scotiabank restated a “sector perform” rating and set a $6.25 target price (up previously from $5.60) on shares of Fortuna Silver Mines in a report on Tuesday, June 14th. Canaccord Genuity restated a “hold” rating and set a $12.25 target price (up previously from $11.75) on shares of Fortuna Silver Mines in a report on Thursday, August 11th. Finally, BMO Capital Markets restated a “market perform” rating and set a $11.50 target price (up previously from $9.00) on shares of Fortuna Silver Mines in a report on Saturday. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $9.00.

The stock has a 50-day moving average price of $8.47 and a 200 day moving average price of $5.79. The firm’s market cap is $1.34 billion.

An institutional investor recently raised its position in Fortuna Silver Mines stock. Connor Clark & Lunn Investment Management Ltd. increased its position in Fortuna Silver Mines Inc. (NYSE:FSM) by 100.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,322,150 shares of the company’s stock after buying an additional 1,664,200 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 2.57% of Fortuna Silver Mines worth $7,438,000 at the end of the most recent reporting period.

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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