Shares of Fortuna Silver Mines Inc. (NYSE:FSM) dropped 2.9% during mid-day trading 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 recent analyst reports. Zacks Investment Research downgraded Fortuna Silver Mines from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. BMO Capital Markets downgraded Fortuna Silver Mines from an “outperform” rating to a “market perform” rating in a report on Thursday, May 12th. Scotiabank reaffirmed a “sector perform” rating and set a $6.25 price target (up from $5.60) on shares of Fortuna Silver Mines in a report on Tuesday, June 14th. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $12.25 price target (up from $11.75) on shares of Fortuna Silver Mines in a report on Thursday, August 11th. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $9.00.

The stock’s 50-day moving average is $8.63 and its 200 day moving average is $5.84. The company’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 stake in Fortuna Silver Mines Inc. (NYSE:FSM) by 100.4% during the fourth quarter, according to its most recent filing with the SEC. The firm 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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