Fortuna Mining (NYSE:FSM) Trading 10.6% Higher – Here’s Why

Shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) rose 10.6% during trading on Monday . The company traded as high as $9.08 and last traded at $9.1050. Approximately 5,222,156 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 15,463,671 shares. The stock had previously closed at $8.23.

Analyst Ratings Changes

A number of research firms have recently weighed in on FSM. Wall Street Zen upgraded shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Sunday, November 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, November 17th. Zacks Research cut shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. National Bankshares upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Fortuna Mining in a report on Friday, August 8th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.50.

Fortuna Mining Stock Performance

The firm has a market capitalization of $2.79 billion, a P/E ratio of 18.16 and a beta of 0.85. The company has a 50-day moving average of $8.48 and a 200-day moving average of $7.35. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.08). Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. The company had revenue of $246.75 million during the quarter, compared to analyst estimates of $242.19 million. On average, equities analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new stake in shares of Fortuna Mining in the 3rd quarter valued at $27,000. Geneos Wealth Management Inc. raised its stake in Fortuna Mining by 100.0% during the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock worth $26,000 after buying an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Fortuna Mining by 126.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after buying an additional 2,691 shares during the period. Osaic Holdings Inc. boosted its position in Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 3,006 shares during the last quarter. Finally, Farther Finance Advisors LLC acquired a new stake in Fortuna Mining during the 2nd quarter worth about $42,000. 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.