Zacks Investment Research Downgrades Fortuna Silver Mines (NYSE:FSM) to Hold

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Fortuna Silver Mines Inc. is engaged in the exploration, mining and development of silver and base metal properties in Latin America. Its core assets include the Caylloma Ag-Pb-Zn-Cu Mine located in Arequipa, Peru and the San Jose Ag – Au Project located in Oaxaca, Mexico. Fortuna Silver Mines Inc. is headquartered in Lima, Peru. “

FSM has been the topic of a number of other research reports. ValuEngine cut shares of Fortuna Silver Mines from a “hold” rating to a “sell” rating in a research report on Thursday, August 15th. Canaccord Genuity cut shares of Fortuna Silver Mines from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $4.50.

Fortuna Silver Mines stock traded down $0.09 during mid-day trading on Wednesday, hitting $3.72. The company’s stock had a trading volume of 2,103,100 shares, compared to its average volume of 1,751,562. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.47. The stock has a market cap of $588.27 million, a price-to-earnings ratio of 15.50 and a beta of 0.35. The business has a 50 day moving average price of $3.63 and a 200-day moving average price of $3.31. Fortuna Silver Mines has a 12 month low of $2.39 and a 12 month high of $4.74.

Hedge funds have recently added to or reduced their stakes in the business. Newfoundland Capital Management bought a new position in shares of Fortuna Silver Mines in the second quarter worth approximately $29,000. Schroder Investment Management Group bought a new position in shares of Fortuna Silver Mines in the second quarter worth approximately $1,566,000. Cubist Systematic Strategies LLC bought a new position in shares of Fortuna Silver Mines in the second quarter worth approximately $290,000. Marshall Wace LLP lifted its stake in shares of Fortuna Silver Mines by 177.7% in the second quarter. Marshall Wace LLP now owns 1,116,593 shares of the basic materials company’s stock worth $3,183,000 after buying an additional 714,530 shares in the last quarter. Finally, Morgan Stanley lifted its stake in shares of Fortuna Silver Mines by 86.3% in the second quarter. Morgan Stanley now owns 5,960,860 shares of the basic materials company’s stock worth $16,988,000 after buying an additional 2,761,876 shares in the last quarter. Hedge funds and other institutional investors own 36.19% of the company’s stock.

About Fortuna Silver Mines

Fortuna Silver Mines Inc engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The company explores for silver, gold, lead, and zinc deposits. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver-gold mine located in southern Mexico; and the Lindero gold project located in Argentina.

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