Fortuna Mining (NYSE:FSM) Shares Gap Up – Here’s What Happened

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.45, but opened at $11.14. Fortuna Mining shares last traded at $11.5190, with a volume of 1,117,632 shares trading hands.

Wall Street Analyst Weigh In

FSM has been the subject of several recent research reports. Weiss Ratings downgraded Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Scotiabank restated an “outperform” rating on shares of Fortuna Mining in a report on Thursday, July 30th. Wall Street Zen cut shares of Fortuna Mining from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Zacks Research upgraded shares of Fortuna Mining from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $14.00.

Fortuna Mining Stock Performance

The company has a market cap of $3.46 billion, a P/E ratio of 9.93 and a beta of 1.01. The company has a quick ratio of 2.50, a current ratio of 3.00 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average is $8.98 and its two-hundred day moving average is $9.92.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The firm had revenue of $318.41 million for the quarter, compared to analysts’ expectations of $325.00 million. Fortuna Mining had a net margin of 31.99% and a return on equity of 17.48%. Equities analysts predict that Fortuna Mining Corp. will post 1.32 EPS for the current year.

Institutional Investors Weigh In On Fortuna Mining

Several hedge funds and other institutional investors have recently modified their holdings of FSM. Royal Bank of Canada increased its holdings in Fortuna Mining by 98.8% during the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock worth $7,074,000 after acquiring an additional 576,264 shares during the period. Goldman Sachs Group Inc. increased its stake in Fortuna Mining by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company’s stock worth $51,046,000 after acquiring an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Fortuna Mining by 189.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company’s stock valued at $5,127,000 after acquiring an additional 549,665 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Fortuna Mining by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company’s stock valued at $1,123,000 after acquiring an additional 6,405 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in shares of Fortuna Mining during the second quarter worth about $122,000. 33.80% of the stock is currently owned by institutional investors.

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.