Fortuna Mining (NYSE:FSM) Shares Down 8.6% – Here’s What Happened

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s stock price traded down 8.6% on Thursday . The company traded as low as $8.62 and last traded at $8.8150. 4,220,465 shares traded hands during trading, a decline of 47% from the average session volume of 7,932,543 shares. The stock had previously closed at $9.64.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FSM. Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. Scotiabank lifted their target price on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. National Bank Financial upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. Finally, Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $11.00.

Fortuna Mining Trading Down 8.1%

The business has a 50 day moving average of $11.19 and a two-hundred day moving average of $9.68. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 9.85 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.50 and a current ratio of 2.98.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its quarterly earnings data on Wednesday, February 18th. The basic materials company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. The firm had revenue of $270.20 million for the quarter. Equities analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Centric Wealth Management lifted its position in shares of Fortuna Mining by 10.0% during the fourth quarter. Centric Wealth Management now owns 11,000 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 1,000 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its stake in shares of Fortuna Mining by 1.0% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 158,579 shares of the basic materials company’s stock valued at $1,554,000 after purchasing an additional 1,500 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Fortuna Mining by 100.0% during the 2nd 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 in the last quarter. Farther Finance Advisors LLC boosted its stake in Fortuna Mining by 32.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,589 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 2,126 shares during the period. Finally, Cetera Investment Advisers grew its holdings in Fortuna Mining by 22.2% during the 4th quarter. Cetera Investment Advisers now owns 14,343 shares of the basic materials company’s stock valued at $141,000 after buying an additional 2,605 shares in the last quarter. 33.80% of the stock is owned by institutional investors.

Fortuna Mining Company Profile

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.