Fortuna Mining (NYSE:FSM) Shares Gap Down – Time to Sell?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price gapped down prior to trading on Monday . The stock had previously closed at $10.34, but opened at $9.80. Fortuna Mining shares last traded at $9.8710, with a volume of 1,352,987 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 22nd. Wall Street Zen upgraded shares of Fortuna Mining from a “hold” rating to a “buy” rating in a report on Tuesday, December 23rd. Scotiabank upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $10.50 to $11.00 in a research note on Monday, November 24th. Finally, National Bankshares raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Fortuna Mining currently has an average rating of “Hold” and an average target price of $9.50.

Fortuna Mining Trading Down 2.7%

The company has a market cap of $3.09 billion, a price-to-earnings ratio of 13.97 and a beta of 0.95. The company has a quick ratio of 2.73, a current ratio of 3.30 and a debt-to-equity ratio of 0.11. The business’s fifty day simple moving average is $8.97 and its two-hundred day simple moving average is $7.99.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its earnings results on Wednesday, November 5th. The basic materials company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%. The company had revenue of $246.75 million during the quarter, compared to analysts’ expectations of $242.19 million. On average, equities analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortuna Mining

A number of institutional investors have recently modified their holdings of FSM. Advisory Services Network LLC purchased a new position in Fortuna Mining during the 3rd quarter worth $27,000. Geneos Wealth Management Inc. grew its holdings in shares of 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 increased its position in Fortuna Mining by 126.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 2,691 shares during the period. Osaic Holdings Inc. raised its stake in Fortuna Mining by 96.7% during the 2nd 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 approximately $42,000. 33.80% of the stock is owned by institutional investors and hedge funds.

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.