Fortuna Silver Mines Inc (NYSE:FSM) Sees Significant Increase in Short Interest

Fortuna Silver Mines Inc (NYSE:FSM) (TSE:FVI) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 5,260,000 shares, a growth of 41.0% from the August 30th total of 3,730,000 shares. Currently, 3.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,190,000 shares, the days-to-cover ratio is presently 1.6 days.

Shares of FSM stock traded up $0.03 during trading hours on Monday, reaching $3.11. 1,015,749 shares of the company were exchanged, compared to its average volume of 1,933,723. Fortuna Silver Mines has a fifty-two week low of $2.39 and a fifty-two week high of $4.59. The stock’s fifty day moving average is $3.60 and its two-hundred day moving average is $3.27. The company has a market cap of $496.10 million, a price-to-earnings ratio of 12.96 and a beta of 0.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.47.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last announced its earnings results on Wednesday, August 7th. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. Fortuna Silver Mines had a net margin of 8.75% and a return on equity of 4.43%. The company had revenue of $67.91 million for the quarter. On average, research analysts anticipate that Fortuna Silver Mines will post 0.16 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Newfoundland Capital Management acquired a new position in shares of Fortuna Silver Mines during the second quarter worth approximately $29,000. Schroder Investment Management Group acquired a new stake in Fortuna Silver Mines in the second quarter worth $1,566,000. Cubist Systematic Strategies LLC acquired a new stake in Fortuna Silver Mines in the second quarter worth $290,000. Marshall Wace LLP raised its holdings in 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 purchasing an additional 714,530 shares during the period. Finally, Morgan Stanley raised its holdings in 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 purchasing an additional 2,761,876 shares during the period. Institutional investors own 37.09% of the company’s stock.

A number of equities analysts have recently issued reports on FSM shares. Zacks Investment Research lowered shares of Fortuna Silver Mines from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. Canaccord Genuity upgraded shares of Fortuna Silver Mines from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Friday, September 13th. ValuEngine upgraded shares of Fortuna Silver Mines from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Scotiabank upgraded shares of Fortuna Silver Mines from a “sector perform” rating to a “sector outperform” rating and set a $5.00 target price on the stock in a research report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $5.00.

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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