Fortuna Mining (NYSE:FSM) Shares Gap Down – Should You Sell?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) gapped down prior to trading on Thursday . The stock had previously closed at $10.43, but opened at $9.61. Fortuna Mining shares last traded at $10.1820, with a volume of 1,043,149 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on FSM. Scotiabank increased their price objective on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $11.00.

Fortuna Mining Price Performance

The company has a current ratio of 2.98, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11. The stock has a 50-day simple moving average of $10.98 and a 200 day simple moving average of $9.78. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 11.53 and a beta of 1.01.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its earnings results on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $270.20 million during the quarter. Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. On average, equities research analysts forecast that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortuna Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Campbell & CO Investment Adviser LLC raised its holdings in shares of Fortuna Mining by 481.2% during the third quarter. Campbell & CO Investment Adviser LLC now owns 191,330 shares of the basic materials company’s stock worth $1,714,000 after acquiring an additional 158,412 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in Fortuna Mining in the third quarter valued at about $550,000. American Century Companies Inc. increased its position in Fortuna Mining by 26.2% in the 3rd quarter. American Century Companies Inc. now owns 8,032,284 shares of the basic materials company’s stock worth $71,924,000 after purchasing an additional 1,669,226 shares during the last quarter. Sheets Smith Investment Management purchased a new stake in shares of Fortuna Mining during the 3rd quarter worth about $1,488,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Fortuna Mining by 21.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,138,367 shares of the basic materials company’s stock worth $7,436,000 after purchasing an additional 203,268 shares in the last quarter. Hedge funds and other institutional investors own 33.80% of the company’s stock.

About Fortuna Mining

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.