Stock Traders Buy Large Volume of Fortuna Mining Call Options (NYSE:FSM)

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) was the recipient of some unusual options trading activity on Tuesday. Investors bought 7,100 call options on the company. This represents an increase of approximately 82% compared to the average daily volume of 3,900 call options.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in shares of Fortuna Mining by 43.5% in the 3rd quarter. Van ECK Associates Corp now owns 29,280,727 shares of the basic materials company’s stock valued at $262,354,000 after purchasing an additional 8,878,857 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Fortuna Mining by 3.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 20,216,810 shares of the basic materials company’s stock worth $198,176,000 after acquiring an additional 686,762 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Fortuna Mining by 38.1% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock worth $122,747,000 after acquiring an additional 3,779,920 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Fortuna Mining by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,066,599 shares of the basic materials company’s stock worth $98,758,000 after acquiring an additional 758,657 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of Fortuna Mining by 31.4% in the 3rd quarter. Tidal Investments LLC now owns 8,947,480 shares of the basic materials company’s stock valued at $80,169,000 after purchasing an additional 2,138,143 shares in the last quarter. Institutional investors own 33.80% of the company’s stock.

Fortuna Mining Stock Performance

NYSE FSM traded down $0.74 during trading on Tuesday, reaching $10.31. The company’s stock had a trading volume of 3,879,585 shares, compared to its average volume of 8,366,495. The firm has a 50 day moving average price of $10.35 and a 200 day moving average price of $8.97. Fortuna Mining has a 12 month low of $4.13 and a 12 month high of $12.54. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 14.32 and a beta of 0.88. The company has a current ratio of 3.30, a quick ratio of 2.73 and a debt-to-equity ratio of 0.11.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FSM. Scotiabank upped their price objective on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. National Bank Financial upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. BMO Capital Markets reissued an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Finally, Wall Street Zen lowered shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $11.00.

Fortuna Mining Company Profile

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.