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

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) shares gapped down prior to trading on Friday . The stock had previously closed at $11.49, but opened at $10.25. Fortuna Mining shares last traded at $10.5790, with a volume of 1,550,362 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on FSM. Scotiabank increased their price target on Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday. Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a report on Tuesday, December 23rd. National Bankshares upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.00.

Fortuna Mining Stock Down 10.6%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.73 and a current ratio of 3.30. The company’s fifty day moving average price is $10.08 and its 200-day moving average price is $8.62. The stock has a market cap of $3.14 billion, a P/E ratio of 14.35 and a beta of 0.89.

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

Hedge Funds Weigh In On Fortuna Mining

A number of large investors have recently bought and sold shares of FSM. Geneos Wealth Management Inc. grew its position in Fortuna Mining by 100.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 2,000 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Fortuna Mining in the third quarter worth about $27,000. EverSource Wealth Advisors LLC increased its stake 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 worth $31,000 after buying an additional 2,691 shares during the period. Osaic Holdings Inc. increased its stake in Fortuna Mining by 96.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after buying an additional 3,006 shares during the period. Finally, Farther Finance Advisors LLC bought a new stake in Fortuna Mining during the 2nd quarter valued at about $42,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

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.